Trust wallet

Trust Wallet to reimburse users after $170,000 security incident

A vulnerability impacted wallet addresses created through the browser extension between Nov. 14 and 23, resulting in nearly $170,000 in losses.

Crypto wallet Trust Wallet has disclosed a security vulnerability that resulted in nearly $170,000 in losses for some users. The vulnerability has been patched, according to the company.

Trust Wallet found out about the issue through its bug bounty program. A security researcher reported a WebAssembly vulnerability in the open-source library Wallet Core in November 2022. New wallet addresses generated “between November 14 and 23, 2022 by Browser Extension contain this vulnerability,” the company said in a statement, adding that all addresses created before and after those dates are safe.

1/10 Trust Wallet is built on security & trust. So we’re sharing a vulnerability affecting new addresses created Nov 14-23,22 using the Browser Extension.

The issue is fixed. Most at-risk funds are secured. Affected users should take actions outlined:
➡️https://t.co/X9AEfqWW87

— Trust Wallet (@TrustWallet) April 22, 2023

The breach resulted in two exploits that led to a total loss of nearly $170,000. Approximately 500 vulnerable addresses remain, with an $88,000 balance, according to a postmortem report. Affected users will be offered a refund and gas fee assistance to cover the costs of fund transfers. According to Trust Wallet:

“We want to assure users that we will reimburse eligible losses from hacks due to the vulnerability and have created a reimbursement process for the affected users. And we urged affected users [to] move the remaining ~$88,000 USD balance on all the vulnerable addresses as soon as possible.”

Users who experienced abnormal fund movement in late December 2022 and late March 2023 may be among those affected by the two exploits.

The company urged affected customers to create a new wallet and transfer their funds. Users with vulnerable addresses will be notified through the Trust Wallet browser extension, said the company. Developers who used the Wallet Core library in 2022 should implement the latest version of Wallet Core. Affected wallet addresses from Binance were previously notified through the crypto exchange.

Another recently unveiled exploit has drained almost $11 million in nonfungible tokens and cryptocurrencies from various addresses across 11 blockchains since December 2022, targeting veterans in the crypto community. The attack was initially attributed to an exploit in the MetaMask wallet, but that was later denied by the company.

Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

How to stake Polygon (MATIC)

Staking MATIC helps one to generate passive income. Find how to stake MATIC via MetaMask, Binance, Coinbase Wallet and Trust Wallet.

The Polygon network, formerly the Matic network, is an Ethereum-scaling protocol that reduces cost and embeds high security. In a short span, Polygon has gained a high level of traction.

A string of solutions on a single network sets Polygon apart from other Ethereum scaling projects. It empowers developers to zero in on a scaling solution that works best with their applications. Polygon Labs has been consistently working to develop scaling solutions based on plasma sidechains, a blockchain bridge, different types of zero-knowledge proofs and Optimistic Rollups.

Processing bundles of transactions on the Polygon proof-of-stake (PoS) blockchain drastically reduces the burden on the Ethereum main chain, making transactions faster. The throughput rate in the Ethereum base layer is roughly 14 transactions per second, while Polygon has the potential to handle exponentially higher transactions per second.

Anyone wanting to participate in the network by updating transactional data on the system must stake Polygon (MATIC). In the Polygon network, a validator’s job is to ensure the network’s security and add transactions to blocks. Validators stake, allowing users to delegate tokens in exchange for rewards net of any commissions charged by validators.

Staking of MATIC, explained

Anyone looking to stake MATIC has to delegate tokens to a validator. Stakers can earn rewards against the staked funds. For now, there are no minimum staking requirements though validators can decide the minimum acceptable limit for staking. Validators might charge fees or commissions for these services. Staked MATIC tokens have an unlocking period of 80 checkpoints, approximately three to four days. Stakers wanting to exit just need to send an unbound request.

It helps to factor in validators’ credibility before delegating funds to any of them. One can hop to the Polygon staking dashboard to get information about validators, viewing metrics such as active validators, their uptime, commission and the amount required to stake. These metrics are valuable tools to help select reliable validator(s):

Uptime refers to the number of blocks signed in a specific time period. A validator’s uptime should be close to 100%. Otherwise, it indicates the validator is unreliable, as reflected in their public performance metrics.
Commission rate is the percentage of one’s rewards the validator receives for their services.
The stake amount indicates the total number of tokens delegated to a validator.

How to stake MATIC on MetaMask

MetaMask is a decentralized, noncustodial cryptocurrency wallet that interacts with the Ethereum blockchain. The wallet is accessible as a mobile app and browser extension on Google Chrome, Brave, Firefox, Opera and Edge.

Here are the steps to stake MATIC on MetaMask:

Step 1: Add MetaMask as a browser extension.

To stake MATIC on MetaMask, users need to visit the MetaMask website and set it up as a browser extension. Go to “Download.” One can choose between the currently used browser and iOS or Android. Select the download option for the browser to add MetaMask.

Step 2: Connect MetaMask to the Polygon blockchain.

MetaMask is compatible with different blockchains. To connect MetaMask to Polygon, go to “Networks” and “Add network.” In the window that appears, users must populate relevant data regarding the Polygon blockchain.

Step 3: Transfer MATIC tokens to MetaMask.

To transfer MATIC tokens to the MetaMask wallet, copy the address from the wallet and feed it in as the destination address on the exchange or another wallet. Now, transfer MATIC tokens to MetaMask.

Step 4: Connect MetaMask to the Polygon Wallet.

On the following link, click “MetaMask” to connect MetaMask to the Polygon wallet. https://wallet.polygon.technology/

Step 5: Stake MATIC via MetaMask.

Once the connection is established, staking is enabled.

Step 6: Delegate MATIC.

Select a validator to which tokens will be delegated.

One needs to use the control panel for staking. Click on the button “Apps” and then select “Staking.” Put the validator’s name in the search bar and click “Delegate.” All relevant information, such as the number of tokens staked, uptime and commission amount, is visible next to the validator’s name.

Feed in the MATIC amount for staking and click “Continue.” In the pop-up extension window, click “Confirm.” The transaction might take a few minutes to complete, depending on traffic.

To execute a transaction, stake MATIC and begin receiving rewards, users must buy a voucher and pay for gas. Click “Buy Voucher.” Specify details like the gas limit and price, and re-confirm the transaction.

Delegation is now complete. Users can “Stake more” or withdraw the rewards using the control panel. However, note that all transactions on the Ethereum network are paid in Ether (ETH). Therefore, the delegator must have enough ETH in the wallet to pay for the transactions.

How to stake MATIC on Coinbase Wallet

To stake MATIC on Coinbase, users need to use a wallet, as they don’t provide a staking feature on the exchange. If users have funds on the exchange but not in the wallet, they will need to move funds to the wallet. Even though Coinbase Wallet doesn’t have a built-in staking feature, there is a way to do it.

Here are the steps leading to staking MATIC on Coinbase Wallet.

Step 1: Install Coinbase wallet.

Install Coinbase Wallet on your smartphone. If it is an iPhone, go to the Apple App Store; visit the Play Store for Android.

The process includes creating a new wallet, agreeing to the terms of service, picking a username, setting privacy preferences, creating a passcode and backing up the wallet with a recovery phrase to help access the account in case users forget the passcode.

Step 2: Move funds to the wallet.

Open the wallet and go down to the bottom right. Tap there and scroll down the screen that appears. The link “Connect to Coinbase” will be visible. Hit the link, and it will ask for authorization. Once done, the wallet will establish the user’s connection to their wallet.

Hit “Buy or transfer.” When the exchange prompts you to select a coin, select “MATIC wallet.” Now, users can feed in the number of coins they want to transfer. The wallet will ask for a verification code. Once successfully deposited, funds will be transferred. MATIC tokens on Coinbase exchange are ERC-20 tokens, meaning they run on top of the Ethereum network.

Step 3: Stake MATIC.

Visit the Polygon website. On the top menu, click “Use Polygon” and “Staking.” On the next page, click “Become a delegator.”

The user is taken to a page displaying a list of validators and their relevant details. One can sort the list in line with four parameters: performance, commission, stake and random, by clicking a drop-down list on the right of the page. The user can view the validators as a grid or a list. They can also search for a specific validator using a search box on the left.

When users click any of the validators, they are taken to the page displaying further details of the relevant validator, such as MATIC staked, the commission asked, checkpoints signed and health status. Users can go through the list and click any validator.

A different page displays further details of the validator. This includes the amount of MATIC their Ethereum wallet balance holds and its value in dollars, their stake, heimdall fee, rewards earned, performance index, checkpoints signed and more. Heimdall fees refer to the fees the validator has to pay using the Polygon network to submit checkpoints.

The user must log in by clicking the button at the top-right using their credentials. Users without an account on Polygon must create one and click the “Become a Delegator” button.

Users need to populate the number of MATIC coins they intend to delegate and tap “Continue.” When the user clicks “Continue,” a pop-up appears. The user must tap the “Delegate” button to complete the process.

How to stake MATIC on Trust Wallet

Trust Wallet is a decentralized, noncustodial mobile app wallet for storing, exchanging and transferring crypto assets. Here is the process to stake MATIC on Trust Wallet:

Step 1: Set up a Trust Wallet.

Set up a Trust Wallet on your mobile phone. Select the preferred operating system (iOS or Android) and install the app.

If users have already been using Trust Wallet, they must import the wallet. Otherwise, they have to set up a new wallet. To import an existing wallet, click the “I already have a wallet” button and confirm a six-digit passcode.

If a user is uninitiated with the wallet, they must read and agree to the privacy policy and terms of service, create and confirm a six-digit passcode and back up the wallet with a recovery phrase.

Trust Wallet allows a wallet for several coins, but a multicoin wallet is usually the most suitable. As MATIC staking occurs on Ethereum, one requires an adequate amount of ETH and MATIC on the Ethereum mainnet.

Step 2: Connect Trust Wallet to Polygon.

Log in to the Polygon staking dashboard and click “Become a Delegator.” From the list of wallets, select “WalletConnect” to connect to Trust Wallet on Polygon. A QR code will appear on the screen.

Return to the Trust Wallet app, go to the settings and choose WalletConnect. Click the “New Connection” button. Scan the QR code on the Polygon staking dashboard. Click “Confirm” to establish the connection.

Step 3: Delegate and approve transaction.

Select the validator and click “Delegate.” Feed the number of MATIC coins to be staked and click “Continue.” To approve the transaction, confirm the smart contract call in the Trust Wallet app.

Get back to the Polygon staking dashboard and click “Delegate.” Confirm yet another smart contract call in the Trust Wallet app. Delegation is active and users can begin accruing rewards.

How to stake using Ledger

Ledger is a popular device for storing cryptocurrencies. Before staking MATIC with Ledger, one needs to prepare for it.

Step 1: Prepare for staking.

The process starts with updating Ledger Live to the latest version using the link: https://www.ledger.com/ledger-live/download

Connect the Ledger device to “My Ledger” and install the latest version of the ETH app on the Ledger device. Enable blind signing in the ETH app settings. When the preparation process is completed, Close Ledger Live or problems might arise when working with MetaMask.

Users also need to ensure MATIC is stored in the Ledger Ethereum account and not in the Polygon account, as MATIC staking happens on the Ethereum network.

Step 2: Connect Ledger ETH account to MetaMask.

Connect the Ledger device to the desktop and open the ETH app within. Now, link the Ledger ETH account to MetaMask.

Once the connection is established, go to the Polygon Wallet app.

Connect your Ledger Ether account to MetaMask by following these steps.

Once done, go to the Polygon Web Wallet app, select “Connect to a Wallet” and then MetaMask.

When MetaMask opens in the browser, select the Ledger account, click “Next” and then “Connect.” Ledger displays “Sign message.” Select “Sign message” and simultaneously press both buttons to confirm. Now, MetaMask is connected to the Polygon Wallet app.

Step 3: Select a validator.

Select “Polygon Staking.” In the app’s top-right corner, click the “Login” button and select MetaMask again.

Choose a validator from the list that appears. Users need to consider two parameters: a high score for “Checkpoint signed” and a low “Commission.”

Step 4: Delegate.

Click the “Delegate” button, fill in the amount of MATIC to be staked and click “Continue.” MetaMask displays “Give permission to access your MATIC?”

Review the fee amount; if it looks satisfactory, click “Confirm.” Ledger now displays “Review transaction.”

Select “Accept and send” and press both buttons simultaneously to “sign the transaction.” Ledger now displays “Application is ready.”

Return to the Polygon Web Wallet App, select a validator and click “Delegate.”

Review and confirm the transaction through MetaMask and Ledger devices. When the Ethereum network confirms the transaction, the screen will display “Delegation Completed.”

How to stake MATIC using ZenGo wallet

ZenGo is a self-compatible wallet. It’s compatible with WalletConnect, with no seed phrase vulnerability. Let’s go through how users can stake MATIC using a ZenGo wallet.

Step 1: Install the ZenGo wallet on your mobile phone.

Visit the ZenGo website, select an operating system (iOS or Android) and install the app on the mobile phone. To accelerate the search, one can scan the QR code.

Open the ZenGo app, enter an email address and tap “Continue.” ZenGo requires the user to confirm their email address. For confirmation, reach the inbox by tapping “Open My Email” in the ZenGo app, then tap “Tap to Confirm” in the email received. After email address verification, enable biometrics to make the app even more secure.

Create a Recovery Kit for the safety of funds and easy access when changing devices. As a noncustodial wallet, ZenGo shares an encrypted secret key share. Part of the key stored on the device helps unlock the wallet and use it with a face scan. Once the Recovery Kit is created, tap “Done.”

Step 2: Connect ZenGo wallet to Polygon.

Users need to connect the ZenGo wallet to Polygon. Open the link https://staking.polygon.technology/

Go to the Polygon staking dashboard. In the upper right part of the screen, tap “Login.”

Tap WalletConnect from the list of available connections. WalletConnect protocol enables one to connect ZenGo to Polygon. The QR code will appear.

Go to the ZenGo wallet homepage and tap the “Connect to Apps” button in the upper right corner. Scan the QR code.

Step 3: Select a validator and delegate MATIC.

Now begins the process of delegating MATIC. Make sure to have MATIC in ERC-20 and 0.05–0.1 ETH for fees, as the delegation happens on the Ethereum mainnet.

On the Polygon staking dashboard, scroll down to find information such as the network’s overview, active validators, their amount of stake, uptime, commission, amount of stake and health metrics.

Select a validator after considering the metrics and tap “Delegate” at the bottom-right of the screen.

In the pop-up box that appears, users need to enter the amount of MATIC to be staked and tap “Continue.” You can stake with an amount as low as 1 MATIC. To confirm the transaction, return to the ZenGo app and approve the transaction in the pop-up window.

Revisit the Polygon staking dashboard and tap “Delegate.” In the ZenGo wallet, confirm the transaction and wait for approval.

Once delegation is active, the user will begin receiving rewards. At each checkpoint, rewards get accrued.

Rewards are received in the “My Account” section of the Polygon staking dashboard. Users can also unstake, stake to multiple validators or restake funds. To withdraw the rewards accrued, users must have a minimum of 2 MATIC in their account.

The road ahead

As a prominent layer-2 network, the Polygon protocol is a solution that helps Ethereum expand in size, security, efficiency and use cases. As the unit of payment and settlement in the network, MATIC helps power the system. The Matic network went live in 2020, rebranded to Polygon in February 2021, and is being used by developers to build Ethereum-compatible decentralized applications.

The Polygon protocol has been instrumental in making Ethereum usable and pulling it out of the mess the blockchain found itself in after rapid growth. Transactions were stuck for hours over a lack of scalability, with the cost of executing transactions often more than the transaction amount itself. The Polygon protocol has effectively transformed Ethereum into a full-fledged multichain system with the advantages of Ethereum’s decentralization and vibrancy.

MATIC token is here to stay and keeps playing an increasingly important role in retaining the functionality of Ethereum ecosystem. Staking, meanwhile, will serve as a mechanism to ensure proper governance and security of the network.

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

The co-founder of Webaverse said they somehow got their crypto hacked from their Trust Wallet during a meeting with two people claiming to be investors.

The co-founder of Web3 metaverse game engine “Webaverse” has revealed they were victims of a $4 million crypto hack after meeting with scammers posing as investors in a hotel lobby in Rome.

The bizarre aspect of the story, according to co-founder Ahad Shams, is that the crypto was stolen from a newly set up Trust Wallet and that the hack took place during the meeting at some point.

He claims the thieves could not have possibly seen the private key, nor was he connected to a public WiFi network at the time.

The thieves were somehow able to gain access while taking a photo of the wallet’s balance, believes Shams.

The letter which was shared on Twitter on Feb. 7, contains statements from Webarverse and Shams, explaining that they met with a man named “Mr Safra” on Nov. 26 after several weeks of discussions about potential funding.

“We connected with “Mr Safra” over email and video calls and he explained that he wanted to invest in exciting Web3 companies,” explained Shams.

“He explained that he had been scammed by people in crypto before and so he collected our IDs for KYC, and stipulated as a requirement that we fly into Rome to meet him because it was important to meet IRL to ‘get comfortable’ with who we were each doing business with,” he added.

full story https://t.co/vdkAHyBaG9

— 0xngmi (aggregatoor arc) (@0xngmi) February 6, 2023

While initially “skeptical,” Sham agreed to meet “Mr Safra” and his “banker” in person in a hotel lobby in Rome, where he would later show the project’s “proof of funds” — who Mr. Safra claimed was his requirement to begin the “paperwork.”

“Though we grudgingly agreed to the Trust Wallet ‘proof’, we created a fresh Trust Wallet account at home using a device we didn’t primarily use to interact with them. Our thinking was that without our private keys or seed phrases, the funds would be safe anyway,” said Shams.

However, turns out Sham he was thoroughly mistaken:

“When we met, we sat across from these three men and transferred 4m USDC into the Trust Wallet. “Mr Safra” asked to see the balances on the Trust Wallet app and took out his phone to “take some pictures”.

Shams explained that he thought it was okay because no private keys or seed phrases were revealed to “Mr. Safra.”

But after “Mr. Safra” took a photo and stepped out of the meeting room to consult his banking colleagues, the crew vanished and Shams saw the funds siphoned out.

“We never saw him again. Minutes later the funds left the wallet.”

Almost immediately after, Shams reported the theft to a local police station in Rome and then filed an Internet Crime Complaint (IC3) form to the U.S. Federal Bureau of Investigation (FBI) a few days later.

Shams said he still has no idea how “Mr. Safra” and his scam crew committed the exploit:

“The interim update from the ongoing investigations is that we are still unable to confidently establish the attack vector. The investigators have reviewed available evidence and engaged in lengthy interviews with the relevant persons but further technical information is necessary for them to come to confidently establish conclusions.”

“Specifically, we need more information from Trust Wallet regarding activity on the wallet that was drained to reach a technical conclusion and we are actively pursuing them for their records. This will likely provide us with a better picture on how this has transpired,” he added.

Cointelegraph reached out to Shams and he confirmed he wasn’t connected to the hotel lobby’s WiFi when he revealed the funds on his Trust Wallet.

The Webaverse co-founder believes the exploit was carried out in similar fashion to an NFT scam story shared by NFT entrepreneur Jacob Riglin on Jul. 21, 2021.

There, Riglin explained that he met with potential business partners in Barcelona, proved that he had sufficient funds on his laptop, and then within 30-40 minutes the funds were drained.

NFT Scam full story;

After the response to my previous tweets about the $90,000 scam I was involved in, I wanted to share more details on it to help warn any others of falling victim to it.

I was contacted by a Philippe Maloof from Canbury Properties Limited. He said he had a

— Jacob (@jacobriglin) July 21, 2021

Shams has since shared the Ethereum-based transaction where his Trust Wallet was exploited, noting that the funds were quickly “split into six transactions and sent to six new addresses, none of which had any prior activity.”

The $4 million worth of USDC was then almost entirely converted into Ether (ETH), wrapped-Bitcoin (wBTC) and Tether (USDT) via 1inch’s swap address feature.

Shams admitted that “the event haunts me to this day” and that the $4 million exploit is “undoubtedly a setback” for Webaverse.

However, he stressed that the $4 million exploit and pending investigation will have no impact on the firm’s short term commitments and plans:

“We have sufficient runway of 12-16 months based on our current forecasts and we are well underway to deliver on our plans.”

Cointelegraph has also reached out to Trust Wallet for commen

‘Haunts me to this day’ — Crypto project hacked for $4M in a hotel lobby

The co-founder of Webaverse said they somehow got their crypto hacked from their Trust Wallet during a meeting with two people claiming to be investors.

The co-founder of Web3 metaverse game engine “Webaverse” has revealed they were victims of a $4 million crypto hack after meeting with scammers posing as investors in a hotel lobby in Rome.

The bizarre aspect of the story, according to co-founder Ahad Shams, is that the crypto was stolen from a newly set up Trust Wallet and that the hack took place during the meeting at some point.

He claims the thieves could not have possibly seen the private key, nor was he connected to a public WiFi network at the time.

The thieves were somehow able to gain access while taking a photo of the wallet’s balance, Shams believes.

The letter, which was shared on Twitter on Feb. 7, contains statements from Webaverse and Shams, explaining that they met with a man named “Mr. Safra” on Nov. 26 after several weeks of discussions about potential funding.

“We connected with ‘Mr. Safra’ over email and video calls and he explained that he wanted to invest in exciting Web3 companies,” explained Shams.

full story https://t.co/vdkAHyBaG9

— 0xngmi (aggregatoor arc) (@0xngmi) February 6, 2023

While initially skeptical, Shams agreed to meet “Mr. Safra” and his “banker” in person in a hotel lobby in Rome, where Shams was to show the project’s “proof of funds,” which “Mr. Safra” claimed he needed to begin the “paperwork.”

“When we met, we sat across from these three men and transferred 4m USDC into the Trust Wallet. ‘Mr Safra’ asked to see the balances on the Trust Wallet app and took out his phone to ‘take some pictures’.”

Shams explained that he thought it was OK because no private keys or seed phrases were revealed to “Mr. Safra.”

But once “Mr. Safra” stepped out of the meeting room to supposedly consult his banking colleagues, he never returned. Then Shams saw the funds siphoned out.

“We never saw him again. Minutes later the funds left the wallet.”

Almost immediately after, Shams reported the theft to a local police station in Rome and filed an Internet Crime Complaint (IC3) form to the U.S. Federal Bureau of Investigation a few days later.

Shams said he still has no idea how “Mr. Safra” and his scam crew committed the exploit:

“The interim update from the ongoing investigations is that we are still unable to confidently establish the attack vector. The investigators have reviewed available evidence and engaged in lengthy interviews with the relevant persons but further technical information is necessary for them to come to confidently establish conclusions.”

Cointelegraph reached out to Shams and he confirmed he wasn’t connected to the hotel lobby’s WiFi when he revealed the funds on his Trust Wallet.

The Webaverse co-founder believes the exploit was carried out in a similar fashion to an NFT scam story shared by NFT entrepreneur Jacob Riglin on July 21, 2021.

There, Riglin explained that he met with potential business partners in Barcelona, proved that he had sufficient funds on his laptop, and then within 30 to 40 minutes the funds were drained.

NFT Scam full story;

After the response to my previous tweets about the $90,000 scam I was involved in, I wanted to share more details on it to help warn any others of falling victim to it.

I was contacted by a Philippe Maloof from Canbury Properties Limited. He said he had a

— Jacob (@jacobriglin) July 21, 2021

The $4 million worth of USDC was then almost entirely converted into Ether (ETH), wrapped-Bitcoin (wBTC) and Tether (USDT) via 1inch’s swap feature.

Shams admitted that “the event haunts me to this day” and that the $4 million exploit is “undoubtedly a setback” for Webaverse.

However, he stressed that the $4 million exploit and pending investigation will have no impact on the firm’s short term commitments and plans:

“We have sufficient runway of 12-16 months based on our current forecasts and we are well underway to deliver on our plans.”

Trust Wallet CEO Eowyn Chen responded to the allegations, tweeting

Sad to hear about the Webaverse theft case. After engaging with investigation teams, we have high confidence that the theft case wasNOT caused by @TrustWallet app, but likely an organized crime. Sadly there have been a few in-person OTC scams in Europe, specifically in Rome. https://t.co/KbIPjz01uB

— Eowync.eth (@EowynChen) February 6, 2023

What is the Trust Wallet and how do you use it?

Trust Wallet is a secure noncustodial cryptocurrency wallet that supports multiple blockchains.

A secure cryptocurrency wallet is crucial for those investing in the growing cryptocurrency market. Technically, crypto wallets are pieces of software that enable users to send and receive digital currencies, like Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).

Cryptocurrency wallets are typically used to store multiple coins and tokens at once. However, most wallets only support a limited number of digital currencies. These wallets can come in the form of hardware (much like a flash drive) that can be connected to the internet as needed or digital storage (like a banking app) that can be accessed on a device.

To ensure security, cryptocurrency wallets store codes called private keys that need to match with a public key before the wallet owner can spend their money. Trust Wallet is an example of such a wallet.

It allows users to control and access their digital assets and provides support to more cryptocurrencies than some of its competitors. Trust Wallet is also a non-custodial cryptocurrency wallet, which means that users are the sole owners of their cryptocurrencies and have complete control over their funds.

What is a Trust Wallet?

Trust Wallet is a decentralized, non-custodial, multi-cryptocurrency wallet application that allows users to fully control digital assets like cryptocurrencies and nonfungible tokens (NFTs). Trust Wallet is Binance’s official cryptocurrency wallet and provides support for 65 blockchains and access to over 4.5 million crypto assets.

Unlike most centralized wallets, Trust Wallet includes access to decentralized applications (DApps), allowing users to interact with DApps across supported blockchains safely. Trust Wallet aims to make cryptocurrency more accessible for everyone by enabling users to buy, send, receive, stake, trade and store cryptocurrencies.

In addition, Trust Wallet is a hot wallet. As long as there’s an internet connection, the wallet can be accessed via a secure connection online. This is in contrast to a cold wallet that largely stays offline and only goes online as needed.

Some of the key features of Trust Wallet are:

Multi-cryptocurrency support: As mentioned, one of Trust Wallet’s key advantages is that it supports multiple cryptocurrencies, unlike most wallets that only support ERC-20 tokens
Flexible purchases: Trust Wallet allows users to buy cryptocurrencies from third-party platforms such as Wyre, MoonPay, Simplex and others
NFT wallet: It is also an NFT wallet, which means that users can buy, sell and store NFTs. Users can also trade NFTs from their mobile devices through the Trust Wallet app
Staking and rewards: Users can use Trust Wallet to stake selected cryptocurrencies and earn rewards
Easy inter-wallet transfers: Users can transfer cryptocurrencies from other wallets to Trust Wallet using a secret recovery phrase, private key or Keystore file
Flexible fees: Trust Wallet can be used for free and does not require a subscription. It doesn’t charge fees for swaps or transactions in-app. However, users need to pay the corresponding network fee, which may vary depending on network congestion.

How does Trust Wallet work?

Trust Wallet creates a bridge between blockchains and their respective nodes. Every blockchain includes its own set of public addresses, where cryptocurrencies are encrypted and kept safe. Since it’s decentralized and noncustodial, it doesn’t hold or control users’ cryptocurrency, it just provides access to it.

The Trust Wallet app operates exclusively on mobile devices. As such, every supported blockchain is readily accessible once a user downloads the application on an Android or iOS device. The application does not keep any information about its users to ensure privacy. All contact information is kept only between transacting parties — Trust Wallet doesn’t disclose user information to third parties.

Its built-in DApp browser allows users to access Ethereum-based and BNB Chain-based DApps. Users can directly use these DApps using the Trust Wallet app without needing to sign up for each DApp. In addition, Trust Wallet vets all accessible DApps to ensure that only the trustworthy ones are made accessible to its users. Supported DApps include Uniswap, PancakeSwap and OpenSea.

What is a Trust Wallet used for?

Trust Wallet can be used in a variety of ways. Aside from storing cryptocurrencies, users can do multiple things.

Buy cryptocurrencies

Can one purchase cryptocurrency on Trust Wallet? Yes, definitely. Users can buy over 60 cryptocurrencies with fiat money using a credit or debit card. However, users can also purchase directly from centralized exchanges to reduce the fees incurred from these cards.

Stake cryptocurrencies

Can one stake cryptocurrencies on Trust Wallet? The answer is also yes. Users staking cryptocurrency from Trust Wallet may also earn interest on their holdings. There are various options for staking on the app, including BNB (BNB) and Kava (KAVA).

Exchange cryptocurrencies

The platform also has a built-in decentralized exchange (DEX) that can be used for cross-chain swappings, such as swapping BEP-2 for BEP-20 tokens. Network fees may be incurred depending on each corresponding network’s current activity.

Stablecoin and NFT support

Other than built-in DEX, Trust Wallet also lets users store stablecoins and spend them in a secure app environment. Users can also manage their NFTs and game assets on Trust Wallet, with the app fully supporting Ethereum and BNB Chain NFTs.

How to use the Trust Wallet app?

Before setting up an account, users should download and install Trust Wallet on their mobile devices. The app is readily available for download and free on Android and iOS.

Create a Trust Wallet account

After installing the app, simply select “Create New Wallet” and go through the Privacy Policy and Terms of Service. Click “Accept” if you agree, then “Continue.” Users will then be prompted to create a six-digit password, which will serve as one’s secret security code to access the wallet. This code must be kept securely and never shared with anyone else.

The wallet should then be backed up to ensure that it is recoverable if the mobile device it’s currently on gets lost or compromised. The wallet is non-custodial, so this is a crucial step that each user must take. Trust Wallet cannot help a user retrieve a lost wallet in the event of loss or theft because they do not have access to user data.

Check the three boxes concerning the backup to indicate agreement. Click “Continue.” A 12-word recovery phrase will then appear on-screen, which the user should write down or keep in a secure location. Click “Continue” once done.

The user will then be prompted to click the words in the recovery phrase in the right order to ensure that the user has correctly copied the phrase. Click “Done.”

Add funds to your Trust Wallet account

Select a coin or token for purchase from the Buy Menu on the main wallet screen. The user will then be connected with a third-party provider. Verify the fees related to the transaction; these are purchased with fiat money, so a preferred payment method needs to have been set up before the purchase. Tap “Confirm” and wait for the funds in the designated wallet address.

What are the pros and cons of Trust Wallet?

Aside from the advantages and key features that were previously mentioned, one of the app’s most significant pros is its user-friendly interface, allowing even beginner users to use the app conveniently.

Since the Trust Wallet team’s goal is to provide people with better access to cryptocurrencies in a secure, non-custodial manner, it is feature-rich. It allows users to perform a variety of actions through one single app.

However, there are some cons attached too. One of these is limited customer support, as the team is only available via e-mail and not through more direct channels like chat or direct line. The app also does not currently support hardware wallets for offline storage, although Trust Wallet claims this is part of its intended future developments.

FTX collapse is Trust Wallet Token’s gain — Why did TWT price soar 150% in six days?

An exodus from centralized cryptocurrency exchanges after FTX’s collapse appears to be the primary reason behind Trust Wallet Token’s massive rally.

Trust Wallet Token (TWT) has surged by nearly 150% in the last six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period.

TWT whale accumulation picks up momentum

TWT’s price reached an intraday high of $2.43 on Nov. 15, a day after establishing a record high at nearly $2.75. At its lowest in 2022, the token was changing hands for $0.40, which makes it one of the year’s best-performing assets, with over 225% year-to-date gains.

*TWT/USD weekly price chart. Source: TradingView*

The Trust Wallet Token’s uptrend picked up momentum in November following the collapse of Sam Bankman-Fried’s FTX, prompting a bank run situation wherein traders withdrew their funds from exchanges en masse.

For instance, the total number of Bitcoin (BTC) in FTX’s wallets dropped to zero in the week ending Nov. 13. Similarly, the exchange’s Ether (ETH) reserves fell from 611,000 to just 2,800 in the same period.

*Ethereum balance on FTX. Source: Glassnode*

Distrust in centralized exchanges seems to have boosted the appetite for self-custody wallets. Binance CEO Changpeng Zhao’s endorsement of the token’s parent platform, Trust Wallet, has also played a major part in driving up the TWT price.

.@TrustWallet your keys, your coins. https://t.co/pJUc26kQ7n

— CZ Binance (@cz_binance) November 13, 2022

Furthermore, the Trust Wallet Token supply rate held by addresses with a balance between 1,000 TWT and 10 million TWT tokens surged during the six-day price uptrend, suggesting whale accumulation.

*Trust Wallet Token supply distribution among wallets holding 1K-10M TWT. Source: Santiment*

Meanwhile, the token’s trading volume has soared from 279 million TWT to 593.25 TWT in the same period, showcasing market’s conviction in its uptrend.

*Trust Wallet Token daily trading volume (in TWT). Source: Santiment*

TWT serves as a utility token for Trust Wallet, wherein traders can buy, sell and collect nonfungible tokens (NFTs), as well as exchange and stake cryptocurrencies. As a result, TWT typically operates as a centralized exchange token, while Trust Wallet enables users to control their own funds.

Thus, it’s likely that Trust Wallet emerged as an off-ramp for traders pulling their funds from cryptocurrency exchanges in the wake of the FTX fiasco, with TWT price rallying in response.

‘Not your keys, not your #crypto‘ has been resonating around the Twitter space over these past few days.

While many people utilise centralised exchanges, a lot of users are yet to harness the power of self custody.

Start taking control, today https://t.co/h3pVVNzgpL

— Trust – Crypto Wallet (@TrustWallet) November 11, 2022

Trust Wallet Token’s “overbought” risks

From a technical perspective, TWT risks a massive price correction in the days leading up to the year’s end.

At least two indicators are hinting at this bearish outlook. First, TWT’s weekly relative strength index (RSI) has become the most “overbought” since February 2021, suggesting a period of price consolidation or correction ahead.

Second, TWT shows signs of upside exhaustion after hitting an ascending trendline resistance that capped the token’s upside attempts in 2021.

Historically, a pullback from the said resistance line has pushed TWT toward one multi-month ascending trendline support multiple times. In 2022, this rising level coincides with another horizontal support line at $0.878, down 60% from today’s price levels.

On a brighter note, TWT has flipped a multi-month horizontal trendline resistance near $1.535 as support during its ongoing price rally, which may help limit its bearish prospects. That said, a decisive rebound from $1.535 could have TWT price go for a new record high in late 2022 or early 2023.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

3 barriers preventing Web3 mass adoption — Trust Wallet CEO

Trust Wallet CEO says the current bear market could provide an opportunity for the Web3 industry to address consumer concerns before the next bull market.

Widespread adoption of Web3 may eventually become a reality, but Trust Wallet CEO Eowyn Chen foresees three main barriers standing in the way of mass adoption.

During the Australian Crypto Convention on Sunday, Chen outlined how security, ease of use, identity and privacy were all vital aspects to address for growth in the Web3 industry.

Chen is the CEO of Trust Wallet, a major multichain noncustodial crypto wallet acquired by Binance two years ago. She was speaking in a keynote presentation that was attended by Cointelegraph reporters on the ground in Queensland, Australia.

On the security front, Chen says protections should be in place to warn users “if a smart contract has potential issues,” such as a connection to a known scammer.

At the moment she explains “people who truly want to get confidence to navigate this smart contract,” have to read the code and check for any red flags before proceeding.

Eventually, she envisions users won’t have to read the code of smart contracts at all, making them more accessible for everyone, stating:

“All the different parts of the industry need to work together so that we create a safer space for the mainstream users to come.”

“I believe there is a lot more that we can do, including all the chain ecosystems to have some sort of civil society self-governance,” she added.

However, in her opinion, the most “important” point to address “is the identity and privacy aspects,” ensuring users are “real” and safe from having their private details exposed and making it easier for regulators to check compliance.

“When the U.S. was working on CBDC, they did research and the number one concern from the public is they’re worried about the privacy issue associated with CBDCs.”

“We need to think about the future of the industry when you come on to regulations,” she explained.

The current bear market has been the worst on record and has seen many crypto-related exchanges and businesses struggle, but Chen believes this could be an opportunity for the Web3 industry to address these three barriers before the next boom.

Chen says it will leave everyone working in the space in a perfect position for the future and signal that “our industry is extremely ready.”

“So that when the timing is right when the next bull market comes, we’re ready and we can truly taking the industry from the early adopters and cross the chasm. To the right level of mass adoption.”

Overall, her vision for the Web3 industry involves bringing a “positive change to the world’s economic system” and building a sustainable long-term relationship with users.

While also fulfilling “the true web three mission that we can empower and protect the users fundamental rights to access blockchain and control their assets and ownership free.”

“We have the mission to kind of build a better products with open access that empowers the users and builders and we must strive to be that open standard and to prevent monopolies.”