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Trust Wallet Detects WASM Vulnerabilities: What Does It Mean?

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On April 22nd, it was reported that Trust Wallet, a cryptocurrency wallet, released the \”WASM vulnerabilities, event updates, and recommended measures\” announcement, which stated t

Trust Wallet Detects WASM Vulnerabilities: What Does It Mean?

On April 22nd, it was reported that Trust Wallet, a cryptocurrency wallet, released the “WASM vulnerabilities, event updates, and recommended measures” announcement, which stated that in November 2022, a security researcher reported a Web Assembly (WASM) vulnerability in the Wallet Core, an open-source library of TrustWallet, through a vulnerability reward program. The Trust Wallet Browser Extension uses WASM in the Wallet Core, and new wallet addresses generated by the Browser Extension between November 14 and 23, 2022 contain this vulnerability. TrustWallet quickly fixed the vulnerability, and all addresses created after these dates are secure. However, TrustWallet still detected two potential vulnerabilities, causing a total loss of approximately $170000 at the time of the attack. In response, Trust Wallet will compensate for eligible losses caused by hacker attacks caused by vulnerabilities and create a compensation process for affected users. In addition, Trust Wallet urges affected users to quickly transfer the remaining balance of approximately $88000 on all vulnerable addresses. Users who only use Trust Wallet mobile devices, import wallet addresses into browser extensions, or create a new wallet using browser extensions before November 14, 2023 or after November 23, 2022 are not affected by this vulnerability. If users receive warning notifications on the TW Browser Extension, they may be affected. Users with abnormal capital flows in late December 2022 and late March 2023 may be one of the few victims of these two exploit.

Trust Wallet: There is a vulnerability in the address used to create a new wallet from November 14th to 23rd last year, and a compensation process has been created for affected users

Trust Wallet, a cryptocurrency wallet, made an announcement on April 22nd, 2023, about the discovery of Web Assembly (WASM) vulnerabilities in their system. This announcement has caused concern among users and the cryptocurrency community. In this article, we will dive into what WASM vulnerabilities are, how they affect Trust Wallet users, recommended measures to take, and the compensation process for affected users.

What Are WASM Vulnerabilities?

WASM is a binary compilation format for web applications developed by the World Wide Web Consortium (W3C). It allows web browsers to execute programs at near-native speed, without sacrificing the functionality of web applications. However, it comes with its own set of vulnerabilities.
The vulnerability detected in Trust Wallet’s system is related to the use of WASM in their Wallet Core, which is an open-source library used in their Browser Extension. This vulnerability allowed hackers to access new cryptocurrency wallet addresses generated between November 14 and 23, 2022, and caused a total loss of approximately $170000 at the time of the attack.

How Does This Affect Trust Wallet Users?

Trust Wallet addressed the vulnerability and quickly fixed it. All addresses created after November 23, 2022, are secure, but the company still detected two potential vulnerabilities that could lead to more attacks. Trust Wallet has promised to compensate for eligible losses caused by hacker attacks and create a compensation process for affected users.
Users who only use Trust Wallet mobile devices or imported their wallet addresses into browser extensions before November 14, 2022, or after November 23, 2022, are not affected by this vulnerability. However, users who created a new wallet using browser extensions between November 14 and 23, 2022, are urged to quickly transfer their remaining balance of approximately $88000 on all vulnerable addresses.
If users receive warning notifications on the TW Browser Extension or notice abnormal capital flows in their account, they may be affected by one of the two exploits. Trust Wallet recommends that users who suspect any vulnerability should transfer their funds immediately and contact customer support.

Recommended Measures

To protect against the vulnerability, Trust Wallet has urged affected users to move their funds to a new wallet to avoid any potential loss. Users should also enable two-factor authentication (2FA) to add an additional layer of security.
Trust Wallet advises users to avoid using public Wi-Fi or unsecured networks as these pose a security risk. Users should also refrain from sharing their private keys, restore phrases, or any other sensitive information with anyone.

Compensation Process

Trust Wallet is offering compensation to eligible users whose funds were lost due to the vulnerabilities mentioned above. Affected users need to fill out a form on the Trust Wallet website with accurate information about the loss of funds. The company will then review the claims and reimburse users accordingly based on their findings.

Conclusion

The cryptocurrency world comes with its own unique set of risks, vulnerabilities, and threats. Trust Wallet’s discovery of the WASM vulnerability highlights how crucial it is to adopt robust security measures to protect one’s digital assets. Users of Trust Wallet should take this opportunity to evaluate their security measures and take proactive steps to safeguard their cryptocurrency investments.

FAQs

1. Does Trust Wallet offer compensation for all types of losses suffered by users?
No, Trust Wallet will only compensate eligible users whose losses were caused by vulnerabilities mentioned in the April 22nd, 2023 announcement.
2. How can I make my Trust Wallet more secure?
Users can enable two-factor authentication (2FA), avoid public Wi-Fi and unsecured networks, refrain from sharing sensitive information, and regularly update their software.
3. Can I still use Trust Wallet after the vulnerability has been fixed?
Yes, Trust Wallet has fixed the vulnerability, and all addresses created after November 23, 2022, are secure. Users are urged to transfer their funds from vulnerable addresses to new wallets and continue using Trust Wallet with safety precautions in place.

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