A popular crypto wallet provider, Trust Wallet, resolved a technical glitch Dec. 21 that led some users to temporarily lose their tokens, spooking its community.
First to surface on social media, users alarmed on their diminishing accounts. Having their wallet emptied was nearly the equivalent of near panic for one X user. A short while later, Trust Wallet confirmed the incident and put it down to some irregularity with the Binance Coin (BNB) and Trust Wallet balances but hinted that other tokens were also influenced.
Trust Wallet Glitch Resolved
At 6:45 am UTC, the company assured users their funds were secure and began addressing the issue. By 8:05 am UTC, Trust Wallet announced that the glitch had been fully resolved. “Hey Trust Fam, no more glitches! The issue has been resolved and everything should be working properly now. Thanks for your understanding,” the wallet provider wrote in an update on X.
The problem wasn’t serious or permanent, but the incident proved how widespread this problem is in the crypto space, where high-profile security breaches have left individuals significantly worse off. In 2024, crypto hackers have also stolen $2.2 billion from 303 recorded incidents, all the data according to Chainlalysis.
But CeFi platforms both centralized and decentralized have been disproportionately hit, showing a 1,000x increase in year on year security breaches. The two major hacks in 2024 have been the July WazirX breach for a $235 million loss and the DMM hack in May with a loss of $305 million of Bitcoin.
About the same portion of losses has been attributed to North Korean hacking groups, which stole $1.3 billion in assets in 47 incidents this year, or 61 percent of total crypto thefts in 2024.
While the Trust Wallet glitch itself didn’t lead to actual losses, it sheds an even sharper light on the crypto community’s growing sensitivity – to technical errors and to malicious attacks alike.
