Trust Wallet Hack Enters Verification Phase as False Claims Surge

Source: CryptoNewsNet Original Title: Trust Wallet hack shifts to verification amid surge in false claims Original Link:

Overview

Trust Wallet announced it has entered a verification phase following a Christmas Day exploit involving its browser extension. The company identified 2,596 affected wallet addresses but received nearly 5,000 reimbursement claims, suggesting a significant portion may be false or duplicate submissions.

Verification Challenge

Trust Wallet CEO Eowyn Chen stated that accurate verification of wallet ownership is critical to ensure funds are returned to legitimate victims. The company is prioritizing accuracy over speed, combining multiple data points to distinguish legitimate claims from malicious actors.

“Our team is working diligently to verify claims; combining multiple data points to distinguish legitimate victims from malicious actors,” Chen wrote.

This represents a shift from initial loss estimation to managing the operational challenge of compensating users while preventing abuse.

The $7 Million Hack

Trust Wallet disclosed on December 26 that its browser extension was compromised in a targeted attack affecting desktop users, resulting in approximately $7 million in losses. The exchange owner has committed to fully covering all losses.

Cybersecurity firm SlowMist reported that the malicious extension also exported users’ personal information, raising concerns about potential insider involvement. The attacker appeared to have prepared the exploit weeks in advance and demonstrated deep familiarity with the source code.

Investigation Ongoing

While Trust Wallet confirmed the hack, the company has not yet confirmed whether insiders were involved. Chen stated the team is conducting a broader forensic investigation.

“This process is ongoing today and is being carried out alongside the broader forensic investigation,” Chen wrote. “While some data is still being finalised, we already have strong working hypotheses for a portion of the cases.”