Trust Wallet Facing Flood of False Compensation Claims Translation: Trust Wallet Facing Flood of False Compensation Claims

The Trust Wallet team has moved on to the user verification phase for those affected by the recent browser extension hack. Project leader Eowyn Chen reported an unexpectedly high number of requests for reimbursement.

The company has identified 2,596 compromised addresses. However, the number of claims for compensation has already approached 5,000, indicating a significant rate of duplicate submissions or attempts at fraud.

According to Chen, accurately verifying wallet ownership is crucial for returning funds to the rightful owners. Developers are cross-referencing data from multiple sources to filter out fraudsters. The company has prioritized the accuracy of the verification process over the speed of payouts.

The attack on the desktop version of Trust Wallet occurred on December 26, with hackers making off with assets totaling $7 million. Former Binance CEO Changpeng Zhao assured that the project team would fully compensate for the losses.

On-chain detective ZachXBT suggested that the issue might have been linked to a recent update of the wallet for Chrome. Representatives of the platform have yet to confirm this hypothesis as they continue their internal investigation.

While Trust Wallet is examining various hypotheses, Coinbase CEO Brian Armstrong reported the actual arrest of an insider. Indian police detained a former support agent for the exchange.

In May, hackers bribed company personnel to steal customers’ personal data and demanded a ransom of $20 million. Coinbase estimated the potential costs of addressing the repercussions of the attack at $400 million.

Armstrong stated there would be a «zero-tolerance» policy for misconduct among staff and promised to hold those responsible accountable in conjunction with law enforcement agencies.

«One down, others next,» summed up Coinbase’s CEO.

As a reminder, since the beginning of the year, hackers have stolen cryptocurrencies amounting to over $3.4 billion, according to Chainalysis.