- Trust Wallet users lost about $7 million after a malicious update to the browser extension on Christmas Day.
- Binance said it will reimburse affected users and that funds are covered by a SAFU reserve.
- The wallet team warned users to update the browser extension to version 2.69 and avoid opening the old extension.
- Security researchers and on-chain firms reported 2025 as a record year for crypto theft, with $2.7 billion lost and rising state-sponsored activity.
Trust Wallet, the official non-custodial mobile wallet owned by Binance, was targeted on Christmas Day when attackers used a compromised browser extension to drain funds. Changpeng Zhao, co-founder of Binance, posted that about $7 million was affected and that Trust Wallet will cover the losses; he added that user funds are held in a SAFU reserve (CZ’s post).
“So far, $7m affected by this hack. Trust Wallet will cover. User funds are SAFU. Appreciate your understanding for any inconveniences caused. 🙏”
The team said the incident involved a Google Chrome browser extension and advised desktop users not to open the app using the older extension. Trust Wallet specifically warned: “For users who haven’t already updated to Extension version 2.69, please do not open the Browser Extension until you have updated.”
ZachXBT, a blockchain sleuth, flagged reports from users who lost funds after the update. Trust Wallet said mobile-only users were not targeted in this incident.
Industry data shows 2025 saw unusually high crypto theft. Blockchain intelligence firm TRM Labs calculated roughly $2.7 billion in cryptocurrency losses for the year (Korea-and-the-industrialization-of-cryptocurrency-theft”>TRM Labs report). Surveillance firm Chainalysis also reported a 51% increase in assets stolen by North Korean-linked actors in 2025.
Definition — non-custodial wallet: a wallet where users control private keys and hold sole access to their funds. Definition — SAFU: secure asset fund for users, a reserve used to reimburse customers after security incidents.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bitmine Stakes $219M in ETH Begins Institutional PoS Rollout
- MongoDB Zlib Flaw CVE-2025-14847 Exposes Heap Memory Urgent!
- Nabiullina: Bitcoin Mining Fuels Ruble Strength Russia Rises
- JPMorgan freezes accounts of two YC-backed stablecoin firms.
- Analysts: XRP to Trade Sideways into New Year Amid ETF Gains
