More than $7 million has been lost by users of Trust Wallet following a security breach linked to the recent update of its Chrome extension. Changpeng Zhao, co-founder of Binance, which owns Trust Wallet, confirmed that the stolen funds will be reimbursed to the affected users.
The incident was highlighted by onchain detective ZachXBT on December 25, who reported that numerous Trust Wallet users experienced unauthorized withdrawals shortly after the extension update was released. The Trust Wallet team acknowledged the breach and recommended that users avoid version 2.68, urging them to upgrade to version 2.69 instead. Users of mobile-only versions and other browser extensions remain unaffected.
According to a report by Chainalysis, cryptocurrency theft has surged to a staggering $6.75 billion in 2023, with personal wallet breaches increasing dramatically from 64,000 to 158,000 over the past year. Although the total amount stolen accounted for 20% of all cryptocurrency thefts, this figure is a decline from 44% the previous year.