Trust Wallet‘s Customer Support team successfully recovered assets valued at more than $90,000 USD in 2023.
Even though blockchain networks are notoriously difficult to breach, cybercriminals continue to devise methods to manipulate users and projects to access their funds. The blockchain analysis firm Chainalysis reports that in 2023 alone, over $1 billion in cryptocurrency was plundered in multiple attacks.
Most of these thefts are the result of social engineering schemes, even though many individuals believe that most losses are the result of advanced hacking or malware.
The FBI’s 2023 report indicates that 71% of the $5.6 billion in crypto-related losses result from investment schemes that rely on social engineering tactics rather than hacking.
Trust Wallet’s most recent survey disclosed the extent to which cryptocurrency consumers comprehend Web3 security. The survey results indicate that 60% of users disregard security warnings despite obtaining clear alerts, even though most respondents claim to exercise caution.
The poll, conducted by more than 1,800 general crypto users and 100 crypto professionals, demonstrates that this demographic frequently disregards warnings, instead prioritizing profit over security.
This pervasive complacency renders even seasoned crypto users and financial experts susceptible to schemes such as pig-butchering scams, which establish trust gradually before defrauding victims.
The Security Approach of Trust Wallet
Trust Wallet has prioritized proactive security measures since its inception in 2017.
Trust Wallet is subjected to up to 40 audits annually by esteemed third-party firms, including Halborn, Kudelski, Cure53, and Certik, to preserve its exceptional security standards. The company’s commitment to user safety and privacy was further validated in 2024 when it became the first significant self-custody Web3 wallet to receive ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications.
Trust Wallet invites its user community to participate in its Bug Bounty Program, which rewards individuals for identifying security vulnerabilities in addition to formal audits. This collaborative approach allows Trust Wallet to remain ahead of emergent threats.
Trust Wallet’s Security Scanner alerts users to hazardous transactions, dApps, and NFTs from a product perspective, enabling them to make informed decisions before executing a potentially dangerous action. Clear warning messages are provided for suspicious activity, and each transaction undergoes a comprehensive evaluation.
The $1M Recovery: A Testimony to the Security Team of Trust Wallet
Trust Wallet’s Customer Support team successfully recovered assets valued at over $90,000 in 2023. In 2024, the recovery figure is an extraordinary $1 million. The most recent and most extensive recovery to date was $400,000 for a user who had been the victim of a social engineering fraud.
Social engineering schemes, such as the one described above, are feasible. For instance, an attacker may impersonate a trusted individual or authority figure, such as a customer support agent from a cryptocurrency exchange or wallet, and contact the user while asserting that their account is experiencing an issue. To resolve the purported issue, they induce the user to disclose confidential information, such as their login credentials or private keys. This enables the attacker to acquire illicit access to the user’s crypto holdings.
A pig butchering scheme resulted in a victim losing over $1,500 in 2023. The victim was lured into participating in a “mining pool” by the assurance of a “lucrative” opportunity. The victim eventually realized this was a fraudulent ploy and promptly reported it to Trust Wallet customer support. Fortunately, the Trust Wallet team was able to locate and retrieve the victim’s funds.
Trust Wallet has undergone the following developments since 2023:
- Its security scanner prevented the transfer of more than $450 million to fraudsters.
- Prevented users from connecting to more than 700 malicious dApps.
- Contributed to the recovery of $1.1 million in misappropriated funds.
- Removed 2,300+ fraudster accounts and closed over 700 phishing sites.
- Each year, more than 40 security audits are conducted.
- Trust Wallet’s dedication to establishing a secure environment for users navigating the crypto space is emphasized by these security measures and endeavors.
Eve Lam, Trust Wallet’s Chief Information Security Officer (CISO), reflected on these security milestones and the necessity of enhancing protection measures on an ongoing basis.
“These milestones serve as a testament to our commitment; however, they are only the beginning.” Security must remain vigilant in the face of emergent threats in the constantly changing Web3 landscape. At Trust Wallet, we are dedicated to safeguarding users and empowering them, thereby establishing a more transparent and secure ecosystem for all. As crypto community leaders, we are committed to establishing trust and security for the future, enabling users to embrace the freedom of Web3 without worrying about exploitation.
Security Initiatives That Emphasize Prevention
The process of recovering funds remains challenging due to blockchain transactions’ immutable and irreversible nature, even though Trust Wallet collaborates closely with law enforcement and security experts to support users. Assets transferred through centralized exchanges may be recoverable in certain circumstances; however, recovery becomes virtually impossible once they are processed through privacy tools.
This underscores a critical point: prevention is significantly more effective than recovery. The Security Scanner, a feature of Trust Wallet, is essential for assisting users in avoiding hazardous transactions by providing real-time security alerts. Nevertheless, a greater level of education and awareness is required to mitigate the risks, as less than 40% of users terminated transactions in response to these warnings.
Trust Wallet’s dedication to user protection is primarily directed toward prevention. It endeavors to cultivate a secure environment where users can confidently investigate Web3 using tools such as the Security Scanner. The advantages of blockchain technology are unparalleled in terms of financial freedom; however, they can only be realized when users prioritize security and education.
