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Trust Wallet CEO Eowyn Chen shared new information regarding the investigation and compensation process following the security incident involving the browser extension.
According to the statement, while the forensic investigation continues, Google has also responded to the support request regarding the process, and Chrome Web Store review logs are expected to be provided as soon as possible. It was also stated that devices belonging to remote employees are en route to the security team for detailed technical examination.
Trust Wallet has added a new security alert to its browser extension. According to the new feature, if a compromised wallet is detected on a device, users are notified via a banner within the app and advised to immediately switch to a new wallet to prevent further losses. Users who see the alert are advised to act immediately, while those who don’t see the banner have no issues with their devices and don’t need to take any further action.
The company stated that the priority in the compensation process is ensuring payments are made to the correct individuals. They explained that the process of identifying and filtering out fraudsters and attackers during ownership verification is extremely complex, which is why processing claims can take longer than expected. Trust Wallet announced that it is improving its tools and processes to increase accuracy and is also working on new add-on features to provide additional verification.
According to shared data, Trust Wallet has received more than 2,630 claims and refunds to date. This number is more than ten times higher than normal support requests. The reported loss amounts range from $1.05 million to $3.5 million.
*This is not investment advice.