4 min read · Feb 16, 2024
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As the digital realm expands, illegal activities in the cryptocurrency market are becoming common. Attackers are coming up with advanced tactics to draw money and exploit exchanges. As Trust Wallet gained popularity, the scammers had an eagle eye on the wallet to gain access to the cryptocurrency holders’ accounts.
Let’s talk about Trust Wallet scams and ways to avoid them.
Before understanding the scams and their impact, it is essential to understand the Trust Wallet and its uses.
Trust wallet was introduced in November 2017 as a non-custodial cryptocurrency wallet. The wallet offers complete control over cryptocurrencies and non-fungible tokens (NFTs). It is easily accessible on a mobile phone or browser extension.
Trust wallet holds outstanding features and functionalities that make it one of the trustworthy and safest options for storing digital assets. It is compatible with over 10 Million digital assets, 600 Million NFTs, and 100+ blockchains. Additionally, it is considered the official wallet for Binance, one of the biggest crypto exchanges.
Trust Wallet is simple, seamless, and secure. It delivers buying, selling, trading, staking, and receiving services. Security with encryption, zero personal tracking, and alerts for risky transactions enhanced users’ faith in this wallet.
Despite these features and functionalities, the wallet is unsafe from ongoing fraudulent activities. Trust Wallet Scam is an illegal action attempted by attackers to trick users into compromising their recovery phase and private keys and sending funds.
Hacking sensitive information helps bad actors sell the data on the dark web or use it to steal assets. Trust Wallet has met with severe accusations and situations where individuals lost assets due to security issues and hacks.
At the end of 2022, Trust Wallet encountered a super scam that involved an Organized crime unit. It succeeded in stealing over $4 Million from the user and came across as Web3 investors.
Yet, the scam was average and shocked the entire crypto land. Based on the reports, hackers steal money by taking a photo of a Trust Wallet screen and targeting users with cold and hold wallets on different devices.
This single example of the Trust Wallet scam holds endless stories related to scams, frauds, and exploits. Let’s look at some of the most common types of scams.
Phishing Scams: In phishing scams, the scammer tries to be a reliable organization to collect the credentials of the wallet user. Sending emails claiming security issues and asking for confirming seed phrases is the typical tactic.
Fake Trust Wallet: Scammers also use fake applications or websites that look identical to the original Trust Wallet site. Someone unknowingly logs in to these fake sites and gets trapped in the scam, permitting hackers to steal login credentials.
Giveaway Scams: In this scam, hackers try to trick the wallet holders by promising significant returns on small investments. Such scams are promoted on social media and online platforms and transfer users’ money effortlessly.
Wallet Dusting Scams: Another scam one should be aware of is the wallet dusting scam, in which scammers send digital assets to several digital wallets. The practice helps hackers identify the transaction history and target for phishing or other hacks.
Apart from this, there are several other scams like downloading or installing harmful software that directly or indirectly influence the wallets and stored cryptocurrencies.
After knowing the different scams and their impact, it’s time to learn how to avoid them. There are various ways a user can adopt to mitigate the chances of getting a wallet hacked.
- Not sharing private keys and recovery phrases with anyone.
- Avoid businesses promising quick riches.
- Download a wallet from a trusted source.
- Reject offers of “free” money or crypto.
- Reporting to government institutions and hosting providers in case of being trapped in any scam will help get instant recovery.
Trust Wallet is one of the most authorized wallets for storing, staking, and trading digital assets. Despite compelling features and functionalities, the wallet sometimes undergoes scams that result in the transfer of digital assets to hackers’ wallets. Staying alert and not sharing personal details with anyone helps avoid such scams.
Is Trust Wallet a secure crypto wallet?
Yes, Trust Wallet is considered one of the most secure wallets, allowing individuals to have full control over their digital assets.
How to report a scam?
Reporting the scam to government institutions and hosting providers works well.
