Wallet: Cryptocurrencies worth ₹62 crore stolen from users' wallets; find out if you are also at risk?

Security remains a major challenge in the world of cryptocurrencies. One such incident occurred with Trust Wallet, owned by Binance, where a security breach resulted in the theft of approximately $7 million (around 62 crore rupees). This security lapse was caused by an update to Trust Wallet's Chrome extension.

How did this major security breach happen?
According to reports, it was a 'supply-chain attack'. Hackers injected malicious code into version 2.68 of the Trust Wallet Chrome extension. This code resembled a normal analytics function, making it difficult to detect. Users who installed this affected version (2.68) and used their seed phrase or recovery key had their data compromised. As soon as users logged in, this code running in the background gave hackers access to their wallets, and the funds were stolen. Trust Wallet has clarified that this issue was limited to the Chrome browser extension and did not affect their mobile apps or blockchain network.

Users will receive a refund.
Trust Wallet acknowledged its mistake and immediately released a fix, issuing a new version, 2.69. The company stated on the social media platform X, "We have confirmed that approximately $7 million was lost, and we will ensure that all affected users are refunded."

Binance Founder's assurance
Binance founder Changpeng Zhao also assured users that "Trust Wallet will compensate for the losses. The team is still investigating how the hackers managed to submit the new version."

If you are a Trust Wallet extension user, do this immediately
If you were using the Trust Wallet browser extension v2.68 on your desktop, you should immediately follow the steps below.

Step 1: Do not open the extension. To ensure your security, do not open the Trust Wallet browser extension (v2.68) on your desktop. Step 2: Go to Extension Settings. Copy and paste this link chrome://extensions/ into your Chrome browser's address bar and press Enter.
Step 3: Disable the Extension. If the toggle button below Trust Wallet is turned on, click it to turn it off.
Step 4: Developer Mode. Click on the Developer mode option visible in the upper-right corner.
Step 5: Update. Now, click on the Update button visible in the upper left corner.
Step 6: Check the Version. Ensure that the version number is now 2.69. This is the latest and most secure version.

Disclaimer: This content has been sourced and edited from Amar Ujala. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.