Trust Wallet verifies claims after $7M browser extension hack
Trust Wallet has entered a verification phase following a Christmas Day exploit affecting its browser extension, as the company works to validate reimbursement requests and prevent fraudulent submissions. On Monday, CEO Eowyn Chen said investigators had identified 2,596 wallet addresses linked to the compromised extension, while nearly 5,000 claims have been submitted, indicating a high volume of potential false or duplicate filings. Chen noted the process prioritizes accuracy over speed and that further updates will be provided as the inquiry progresses.
The company said the focus has shifted from estimating losses to administering compensation in a way that safeguards the process from abuse.
False claims follow $7 million browser extension hack
On Friday, Trust Wallet disclosed that its browser extension was compromised in a targeted attack impacting desktop users. The incident resulted in $7 million in losses, which will be fully reimbursed, according to Binance co-founder Changpeng Zhao. Binance owns Trust Wallet.
Cybersecurity firm SlowMist reported that the malicious extension also extracted users’ personal information, raising concerns about potential insider involvement. SlowMist co-founder Yu Xiam said the attacker appeared to have prepared the exploit weeks in advance and demonstrated extensive familiarity with the source code.
On-chain investigator ZachXBT previously estimated that hundreds of users were affected, while some industry participants noted that the attacker’s ability to distribute a malicious extension update suggested access beyond a standard external breach.
While Trust Wallet has confirmed the hack, it has not stated whether insider involvement is suspected. Chen said a broader forensic investigation remains underway, with some data still being finalized and working hypotheses established for a portion of the cases.
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