Trust Wallet users lost $7 million in a Christmas Day exploit planned since early December. Binance co-founder Changpeng Zhao assured funds would be covered. Wallet hacks pose a growing threat, with 37% of stolen value attributed to personal wallet exploits in 2025, excluding the $1.4 billion Bybit hack. The Trust Wallet exploit was traced back to insider activity, raising concerns within the crypto industry. The attacker had extensive knowledge of the Trust Wallet extension’s source code, allowing for the implementation of a backdoor to collect user information. Hundreds of Trust Wallet users were affected by the exploit.

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