Trust Wallet clears the air of the mysterious $4 million user hack

Trust Wallet – a multi-chain crypto wallet provider – released a statement on Wednesday explaining the recent events that allowed $4 million to be stolen from one of its users.

The company attributed the theft to a social engineering attack by Rome’s organized crime unit, rather than a bug in its software.

  • On Monday, rumors began circulating about a Trust Wallet user who lost $4 million in funds to a scammer who only took a picture of the user’s balance. There were no raw phrases – passwords to access wallet funds – anywhere in sight at the time
  • For each trustee statement Via Twitter, investigations indicate that the hack was part of a series of thefts carried out by the same criminal unit. Some of the thefts involved various wallet providers in other regions such as Milan and Barcelona.
  • Several parties in the crypto community (other than victims) have reported being contacted by criminals as well. In most cases, the criminals claimed to be the investors of the Web 3 project.
  • Trust Wallet added that criminals who have met in person have always asked for proof of cash in the hot wallet in the past. The party had weeks in advance to convince the victims to transfer their funds from the multisig wallet to a new Trust wallet with a key.
  • Prior to the theft, the thief shared the NDA pdf file and (suspected) fake KYC information with the victim, which may have contained malware that made it possible to take the money.
  • “Ensure that if you use Trust Wallet, your assets are safe but it is important to be careful,” the company concluded.

Trust Wallet Post Clearing The Air On Mysterious $4 Million User Hack appeared first on CryptoPotato.

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