In 2023, Trust Wallet’s Customer Support recovered over $90,000 in assets for users. Despite blockchain networks being challenging to hack, cybercriminals continue to find ways to exploit users and projects, leading to over $1 billion in stolen crypto this year alone, according to Chainalysis.
Contrary to popular belief, most losses are not due to advanced hacking or malware but to social engineering scams. The FBI’s 2023 report reveals that 71% of $5.6 billion in crypto losses resulted from scams using social engineering, not hacking. A recent Trust Wallet survey showed that while users claim to be cautious, 60% ignore security warnings, revealing a tendency to prioritize profit over safety.
This complacency leaves even experienced crypto users vulnerable to scams like “pig butchering,” where trust is built over time before assets are stolen.
Trust Wallet’s Security Measures:
Since 2017, Trust Wallet has emphasized proactive security, undergoing up to 40 annual audits from firms like Halborn, Kudelski, and Certik. In 2024, it became the first major self-custody Web3 wallet to earn ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications, marking its commitment to user safety.
Trust Wallet also engages its community in a Bug Bounty Program to identify security issues, helping to stay ahead of emerging threats. Trust Wallet’s Security Scanner further alerts users to risky transactions, dApps, and NFTs, empowering them to make safe choices.
The $1M Recovery Milestone:
In 2024, Trust Wallet’s support team has recovered $1 million in assets, including $400,000 for a user who fell victim to a social engineering scam. These scams often involve attackers posing as trusted figures to trick users into revealing sensitive data, allowing access to their crypto holdings.
In one case, a victim lost $1,500 to a “pig butchering” scam, drawn in by a “lucrative” mining pool opportunity. Thankfully, Trust Wallet’s team tracked and recovered the funds.
Since 2023, Trust Wallet has:
– Prevented over $450M from being transferred to scammers via its security scanner
– Blocked connections to 700+ malicious dApps
– Recovered $1.1M in stolen assets
– Shut down 700+ phishing sites and removed 2,300+ scammer accounts
– Conducted 40+ security audits annually
These efforts showcase Trust Wallet’s commitment to user security. Eve Lam, Chief Information Security Officer, emphasized the need for continuous improvement: “In the fast-changing Web3 world, security must stay ahead of threats. We’re dedicated to building trust and security for the future, so users can explore Web3 safely.”
Focus on Prevention:
Trust Wallet’s work with law enforcement and security experts underscores the importance of prevention over recovery, as blockchain transactions are irreversible. Tools like the Security Scanner are essential in helping users avoid risky transactions. However, with fewer than 40% of users heeding security warnings, increased awareness is critical.
Trust Wallet’s preventive approach aims to foster a secure environment, enabling users to navigate Web3 confidently. While blockchain offers financial freedom, this potential is best realized when users actively prioritize security.
