- Trust Wallet will refund roughly $7 million in user losses after a browser-extension breach.
- The incident affected only the Browser Extension version 2.68; users were told to disable it and upgrade to 2.69.
- Changpeng Zhao said on X that funds are protected by SAFU and the breach was “most likely” insider-linked.
- SAFU is held in Bitcoin, Binance Coin, and stablecoins and was reported at about $1 billion in 2022.
Changpeng Zhao, founder of Binance, said on X that Trust Wallet will fully cover approximately $7 million in customer losses after a security breach on Thursday. “So far, $7m has been affected by this hack. @TrustWallet will cover. User funds are SAFU,” he wrote, adding the incident was “most likely” linked to an insider.
Trust Wallet said it found a vulnerability affecting only its Browser Extension version 2.68 and advised users to disable that release and update to version 2.69 via the official Chrome Web Store. Mobile-only users and other extension versions were not affected, the team said, and it is continuing to investigate the incident; see the provider’s update on X.
A screenshot shared by CZ was posted online as part of the disclosure and is available here: https://x.com/cz_binance/status/2004397190819783013?s=20.
Definition — self-custodial wallet: a wallet where the user controls private keys and holds their own crypto rather than a third party. Definition — SAFU (Secure Asset Fund for Users): an emergency reserve created by Binance in 2018 to compensate users after security breaches; it is funded from a portion of trading fees and held in assets like Bitcoin (BTC), Binance Coin (BNB), and stablecoins.
Binance reported that SAFU grew to about $1 billion in 2022 and was later replenished after market declines, as noted in the company’s blog post: https://www.binance.com/en-IN/blog/community/421499824684903373?
Market note: BNB was trading near $840, down about 0.3% in the last 24 hours.
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