Trust Wallet Faces False Reimbursement Claims Following $7M Hack

Trust Wallet has entered a verification phase following a Christmas Day exploit targeting its browser extension, which resulted in approximately $7 million in losses. CEO Eowyn Chen reported identifying 2,596 affected wallet addresses but receiving nearly 5,000 reimbursement claims, indicating many submissions are likely false or duplicates. The company is prioritizing accurate verification to ensure funds return to legitimate victims, even if it slows the process. The hack, disclosed on December 26, was a targeted attack on desktop users, and Binance co-founder Changpeng Zhao confirmed that losses would be fully covered. Cybersecurity firm SlowMist suggested the attacker had deep familiarity with the source code, raising insider involvement concerns, though Trust Wallet is still conducting a broader forensic investigation.

(Source：Cointelegraph)