Trust Wallet hacking: reports exceed 2,600… maximum claim $3.5 million

Trust Wallet disclosed detailed information on the number of damage reports received and the progress of the investigation related to the recent browser extension hacking incident. To date, the damage reports received have exceeded 2,600, and individual claim amounts are reported to reach up to $3.5 million (about 5 billion won).

On the 27th (local time), Eowyn Chen, CEO of Trust Wallet, said via his X, "A forensic investigation is currently underway," and that "we received a response that Google has escalated a ticket on the matter." He explained, "We expect to obtain the Chrome Web Store's audit logs soon," and "the security team will collect devices of remote workers to conduct detailed forensic analysis."

Trust Wallet introduced a warning feature to its browser extension to prevent further damage. CEO Chen urged, "If the extension detects a compromised wallet, it will immediately display a banner notification to the user," and "if a banner appears, users should immediately move assets and stop using that wallet." He added, "Users who do not see the warning banner are currently safe."

Compensation procedures are somewhat delayed as the number of reports has surged and verification of individual damages has become complicated. According to CEO Chen, the compensation claims and damage reports received so far have exceeded 2,630 cases, which is more than ten times the usual volume of customer support requests.

The range of claimed amounts was especially wide. CEO Chen said, "Claim amounts range from a minimum of $1.05 to a maximum of $3.5 million," and "the process of filtering out fraudulent claims by scammers or hackers and verifying the actual wallet owners is complex, which is causing processing times to be longer than expected."

He emphasized, "We are currently improving verification tools and internal processes, and will soon release a new extension feature to improve accuracy," and "we will expand customer support staff to process responses to damages and compensation procedures as quickly as possible."