April 24, 2023

Trust Wallet Vulnerability Puts Over 4 Billion Wallets at Risk

A vulnerability in Trust Wallet's software has been discovered, potentially putting over 4 billion wallets worldwide at risk. Users are advised to implement additional security measures, such as app-based two-factor authentication and avoiding unsecured Wi-Fi networks.

A recent report from MakeUseOf reveals that Trust Wallet, a widely used mobile wallet for storing cryptocurrencies, has a software vulnerability that enables hackers to steal funds from users' wallets. This flaw in the code was found by cybersecurity researchers, who discovered that hackers could access users' wallets by connecting their laptop to the same Wi-Fi network as the target's mobile device.

The vulnerability in question reportedly affects over 4 billion Trust Wallet wallets globally, and it can be exploited even by hackers with limited technical knowledge. Moreover, the researchers claim that Trust Wallet has been aware of this vulnerability for over a year but has not taken any action to address it.

The potential impact of this security flaw is significant, as it puts a vast number of users at risk of losing their funds. In response to this issue, users are strongly advised to take additional precautions such as employing app-based two-factor authentication (2FA) and avoiding connection to unsecured Wi-Fi networks.

Trust Wallet should also take immediate action to resolve the vulnerability and improve its security measures. Users may want to consider alternative wallet options, such as Ledger Wallet, which offers enhanced security features to protect their funds.

For more information on what to do if your wallet gets hacked, visit Trust Wallet's blog.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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