Trust Wallet explains recent events allowing for $4 million to be stolen from one of its users

On Monday, rumors about a Trust Wallet user losing $4 million to a con artist who had only snapped a snapshot of the customer’s balance started to spread. There were no seed phrases or passwords for opening a wallet anywhere to be seen. According to Trust Wallet, fraudsters pretended to be Web3 project investors to con numerous others in Milan and Barcelona.

Trust Wallet was compromised, and the platform provided an explanation

According to a statement by Trust Wallet on Twitter, investigations have led the company to think that the hack was one of several robberies carried out by the same criminal organization. Different wallet providers were engaged in certain thefts in other cities like Milan and Barcelona.

Trust Wallet claimed that the offender was an Italian criminal gang with headquarters in Rome. All of the reported incidents involved victims utilizing various hot and cold wallet services on various devices and had connections to several prior incidents. They frequently pose as investors in Web3 projects, demanding a face-to-face meeting and demanding to see their victims’ hot wallets or force a payment into a wallet ahead of time.

In addition, the con artists send KYC information and coerce victims into downloading malware under the guise of an NDA PDF. Take hold of the wallet at that point and steal the cash. Ahad Shams, a victim, disclosed that hackers stole the private key from his wallet balance.

The wallet provider assures consumers that internal and external auditors thoroughly assessed its mobile app extension.

The Trust advises the community to notify law authorities and gives people tips on how to stay safe. However, the company does not provide a clear reaction strategy for the attack; it merely urges consumers to contact them when they need support. Many people were unsatisfied with Trust’s response and continued asking inquiries.


TWT/USD 4-hour chart | Source: TradingView

TWT’s price did not significantly change after the aforementioned information. Along with the broader market slump, the token price has only decreased by about 5% in the last 24 hours and is currently trading around $1.47.

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