It should be noted that hackers are always a hot topic in cryptocurrency world. For example, last week it became known about the mysterious hacks of digital asset holders’ wallets, which brought the attackers more than 5 thousand ethers since December 2022. Accordingly, their “earnings” are equivalent to approximately $10 million.

The most surprising thing here is that the victims of the hack were sophisticated cryptocurrency users who use multiple addresses on the blockchain. The method of stealing the digital assets, however, remains unknown.

Over the weekend, the official Twitter account of cryptocurrency exchange KuCoin fell victim to a hack. Hackers used the account to post fake stock data that allowed them to take possession of their victims’ assets. The account was in the fraudsters’ possession for 45 minutes, the company said.

Employees of the KuCoin platform estimate the total transaction volume of the victims at $22.6 thousand. However, they promise to reimburse all losses if the victims can confirm the transaction due to hacker activity.

How the Trust Wallet was hacked

According to sources, the previous day Trust Wallet employees announced fixing of a bug that affects users who created the wallet using browser extension of the project from 13 to 23 November 2022. However, the bug fix only affects browser wallets created after November 23.

Here’s a comment from the company’s blog about it. The replica is cited by Decrypt.

To get rid of the vulnerability, users must move their assets from affected wallet addresses to new ones. Under the circumstances, we have taken all possible measures to inform users and help them mitigate the risk of potential hacker attacks.

We traditionally remind users that so-called hot wallets with an internet connection are best used for storing small amounts of digital assets that are required for transactions. The bulk of coins and tokens are safer stored in hardware wallets. However, the latter do not show users' private keys online, which makes it impossible for hackers to get at them by direct methods.

Fixing the problem in such a strange manner is most likely due to technical intricacies of the wallet code. If you have funds on Trust Wallet, we recommend rechecking your wallets and transferring coins to the new address. This can also be done as a precaution. Still, if sending crypto-assets to a new wallet fixes the problem, this option can be used.

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It’s worth noting that the problem with Trust Wallet was originally spotted back last autumn by an independent cybersecurity expert. He notified the developers of what was happening at the same moment. Unfortunately, that didn’t stop hackers from stealing almost $200,000 in crypto in all that time. Here’s a pertinent line about what’s going on.

Despite our best efforts to minimise our losses, we have identified two probable cases of vulnerability exploitation with a total loss of $170k. In order to do right by the users, we created a redress process for those affected.

After the vulnerability was fixed, the project team stated that they had discussed amongst themselves the need to publicly disclose the bug.

Our main goal was to help users keep as much of their assets as possible and prevent possible losses. We believed that confidential one-to-one communication with users would allow them to take necessary actions without compromising the sole ownership of their assets.

In other words, the developers did not want to disclose what was going on so as not to attract the attention of hackers who could take advantage of the situation. Alas, this solution did not prove to be the most effective, as some users were still deprived of their savings.

The Trust Wallet team reported that they contacted the affected users via mobile push notifications and in-app alerts, which appeared every minute. The messages were accompanied by clear instructions on how users could transfer their assets.

The startup not only provided users with support, but also offered to reimburse fees for users who transferred their funds to other wallets. In total, Trust Wallet reimbursed around BNB 23.6 or $7,700 in commissions.


We think cases like this are a reminder of the need to keep more of your own digital assets on hardware wallets. And while such devices are a little more difficult to interact with - they still require a signature for each individual transaction - this provides better security for cryptocurrencies. Consequently, the chances of keeping your own coins are greater, which is a key challenge ahead of the new bullpen.