Trust Wallet Reports Major Third-Party Breach to Users: Details

Self-custody wallet provider Trust Wallet announced on Monday that it had a major security breach. In a tweet, it stated that one of its third-party customer service providers was compromised on January 17.

Trust Wallet revealed that it discovered the security breach during a routine check and quickly prevented further damage. The compromise involved the disclosure of the names/nicknames and email addresses of some of the users who used the third-party customer service to file for support, the self-custody wallet provider stated.

Funds are SAFU

Trust Wallet revealed that despite the unauthorized access, customer funds are safe. The Binance-owned wallet provider stated that its swift actions prevented the attackers from getting sensitive information from the support tickets and avoided access to customer funds.

Furthermore, Trust Wallet noted it was reviewing its customer service providers to procure a safer interface for users and avert future reoccurrences. It also reiterated some safety measures customers should imbibe to avoid scammers gaining access to funds.

Is Anything Safe?

Recent happenings have raised eyebrows about the safety of self-custody and cold wallets, with many doubting the protection they allegedly bring. Trust Wallet reported a bug that led to the loss of assets worth over $170,000 last year. Ledger also announced a security risk in December, which led to the compromise of user assets.

Despite the loopholes, cold storage is still considered the safest way to keep assets. However, the “safe heaven” many promise it to be is still far-fetched, at least for now.