Trust Wallet CEO Éowyn Chen shared new information regarding the investigation and compensation process following the security incident involving the browser extension.
According to the release, as the forensic investigation continues, Google has also responded to the request for support regarding the process, and review logs from the Chrome Web Store are expected to be provided as soon as possible. It was also reported that devices belonging to remote employees are on their way to the security team for a detailed technical review.
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 an in-app banner and asked to immediately switch to a new wallet to avoid further losses. Users who see the alert are advised to act immediately, while those who do not see the banner have no issues with their devices and do not need to take further action.
The company said the priority of the compensation process is to ensure payments are made to the right people. They explained that the process of identifying and filtering out fraudsters and attackers during property verification is extremely complex, which is why processing claims may take longer than expected. Trust Wallet announced that it is improving its tools and processes to increase accuracy and is also working on new complementary features to provide additional verification.
According to the data shared, Trust Wallet has received over 2,630 complaints and refunds to date. This number is more than ten times higher than normal support requests. Reported loss amounts range from $1.05 million to $3.5 million.
*This does not constitute investment advice.