Trust Wallet users panic as balances mysteriously disappear—Is crypto security at risk?

Source Cryptopolitan

Trust Wallet users were shocked by the sudden disappearance of money in their accounts, prompting them to raise the matter on X. Some feared that wallets may have been breached, as hackers always target crypto wallets.

Responding to the X post, some users highlighted that the problem was beyond balances, as buying and selling nodes had issues. However, some were relieved and grateful for the reassurance of their funds and their efforts to restore the wallet’s operations.

Crypto hackers stole up to $2.2 billion in 2024

Although the Trust Wallet issue was merely a glitch, it caused widespread panic among community members, who feared their wallets had been drained. Their concerns were valid, given the high frequency of security breaches in the crypto space. Chainalysis reports that crypto thieves stole a staggering $2.2 billion worth of cryptocurrency in 2024.

Most of the crypto losses in 2024 resulted from hacking associated with the Democratic People’s Republic of Korea (DPRK). A Chainalysis report reveals that North Korean hackers, including the lethal Lazarus, account for 61% of all the crypto stolen this year.

Although Decentralized Finance was the most affected by hackers in the earlier months of 2024, centralized finance had the most significant financial blows in the year’s second and third quarters. The DMM Bitcoin suffered a $305 million loss in May from hackers, and in July, WazirX lost $234.9 Million.

The team resolved the glitch and resumed normal operations

Through their X account, Trust Wallet stated that they successfully resolved the glitch and that the wallet is fully operational. Some users confirmed, saying that they can access their balances. 

Trust wallet is one of the many digital wallets that crypto users rely on. It has always boasted of its robust safety measures and easy-to-navigate features. The glitch, if otherwise, would have been the biggest test for the digital wallet.

Crypto security risks may increase over time, requiring users to be alert.

Artificial intelligence might further complicate the situation. Most hackers are beginning to use AI for sophisticated attacks, including phishing, deepfakes, and malware.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Japan's 10-Year Bond Demand Soars to 14-Month High, BOJ's Bond Purchase Cuts Still UncertainJapan's 10-year government bond auction demand reached its highest level since April 2024, driven by rising yields that attracted investors.
Author  TradingKey
6 hours ago
Japan's 10-year government bond auction demand reached its highest level since April 2024, driven by rising yields that attracted investors.
placeholder
Dogecoin Price Forecast: DOGE breaks short-term price range, signals bullish comeback Dogecoin (DOGE) has been consolidating under $0.20 since Saturday, making a short-term range with $0.1863 as the lower boundary. DOGE bottoms out the previous week’s downfall with this range breakout on Tuesday, resulting in an increased short-liquidation spike and a bullish technical outlook.
Author  FXStreet
6 hours ago
Dogecoin (DOGE) has been consolidating under $0.20 since Saturday, making a short-term range with $0.1863 as the lower boundary. DOGE bottoms out the previous week’s downfall with this range breakout on Tuesday, resulting in an increased short-liquidation spike and a bullish technical outlook.
placeholder
Elon Musk’s xAI and Neuralink Launch New Funding Rounds​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
Author  Insights
6 hours ago
​Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
placeholder
Microsoft leads tech companies in layoff of workers amid significant investments in AIMicrosoft cut 300+ more jobs after last month’s 6,000 layoffs, focusing heavily on software engineers.
Author  Cryptopolitan
7 hours ago
Microsoft cut 300+ more jobs after last month’s 6,000 layoffs, focusing heavily on software engineers.
placeholder
IBM announces new NYC accelerator and data startup acquisitionIBM announced its New York City-based startup, watsonx AI Labs, designed to supercharge AI builders and accelerate AI adoption at scale.
Author  Cryptopolitan
7 hours ago
IBM announced its New York City-based startup, watsonx AI Labs, designed to supercharge AI builders and accelerate AI adoption at scale.
goTop
quote