The year 2023 attracted attention with cybercriminals seizing millions of dollars by manipulating users and projects, despite the strong defenses of Blockchain networks. According to data from blockchain analysis company Chainalysis, more than a billion dollars worth of crypto was stolen in various attacks last year.
Vulnerabilities and Social Engineering Tactics
While many people think that most of the losses are due to sophisticated hacking attacks, the reality is different. The FBI’s 2023 report shows that 71% of losses in the crypto space were investment scams using social engineering techniques.
A survey by Trust Wallet revealed users’ knowledge of Web3 security. 60% of survey participants state that they do not care about security warnings. This result reveals the importance of efforts to increase user security.
Trust Wallet’s Security Approach
Founded in 2017, Trust Wallet acts with an approach that prioritizes security. To maintain safety standards, Halborn undergoes up to 40 audits per year, collaborating with well-known companies such as Kudelski, Cure53 and Certik.
The company became the first major Web3 wallet to achieve ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications in 2024. These certificates emphasize the importance given to user security and privacy.
Increase in Recovered Assets
Trust Wallet has had great success in recovering stolen funds through its customer support team. While a $90,000 rescue was carried out in 2023, this figure reached $1 million in 2024. The largest recovery was $400,000 from a user who was exposed to a social engineering scam.
“These steps demonstrate our commitment to security; “But this is just the beginning,” he said, emphasizing that they need to keep security one step ahead.
Trust Wallet’s security scanner instantly warns users about risky transactions and dApps. Each transaction is carefully analyzed, providing clear warnings about suspicious activity.
Preventive Security Studies
Trust Wallet focuses on preventive security efforts to protect its users. Instant security alerts provided through the security browser help protect users from possible threats.
Trust Wallet’s security efforts aim to help users explore the Web3 ecosystem more safely. Steps are being taken to increase user safety through training and awareness activities. These efforts reinforce Trust Wallet’s commitment to creating a more secure environment in the crypto space.
Trust Wallet once again emphasizes the importance of trust and transparency in the crypto ecosystem by taking important steps to protect user funds and prevent fraud attempts.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
