More reimbursement requests than confirmed victims complicate recovery efforts following a $7 million browser extension exploit.
Trust Wallet has shifted its response to a verification-focused phase after a Christmas Day security breach exposed thousands of users to losses. While the scope of the exploit is now clearer, the company faces a new challenge: separating legitimate victims from a growing number of false or duplicate reimbursement claims.
Confirmed Compromised Wallets vs Claims Submitted
According to the company’s latest update, investigators have identified 2,596 wallet addresses directly linked to the compromised browser extension. However, Trust Wallet has received nearly 5,000 reimbursement claims, significantly exceeding the number of confirmed affected wallets. This discrepancy has raised concerns about fraudulent or repeated submissions.
The company emphasized that accurate verification of wallet ownership is essential to ensure compensation reaches genuine victims. Multiple data points are being analyzed to distinguish valid claims from malicious attempts to exploit the reimbursement process.
The incident stems from a targeted attack on Trust Wallet’s browser extension, primarily affecting desktop users. The exploit resulted in approximately $7 million in losses, which the company has stated will be fully reimbursed. Beyond financial theft, the attack reportedly involved the export of users’ personal data, intensifying concerns around privacy and security.
Security researchers noted that the attacker appeared to have prepared the exploit weeks in advance and demonstrated deep familiarity with the extension’s codebase. This level of sophistication has fueled speculation about whether access extended beyond a typical external attack.
Ongoing Investigation and Next Steps
Trust Wallet has confirmed that a broader forensic investigation is underway to determine the full scope and origin of the breach. While no insider involvement has been confirmed, the company stated that several working theories are already being tested.
For now, Trust Wallet says it is prioritizing accuracy over speed, aiming to complete verifications carefully to prevent abuse while ensuring rightful users are made whole.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.