As a seasoned analyst with years of experience in the volatile and dynamic world of cryptocurrencies, I’ve seen my fair share of rollercoaster rides. The recent incident involving Trust Wallet, where token balances mysteriously vanished and reappeared, is a stark reminder of the challenges we face in this space.
Trust Wallet, the crypto wallet provider, recently addressed an issue where token balances were erroneously vanishing and reappearing, leading to user inconvenience, by successfully resolving the problem.
December 21st saw Trust Wallet users take to social media to share concerns about cryptocurrency balances mysteriously vanishing. One user reported that their balance occasionally appeared and disappeared, while another expressed shock and alarm upon discovering their balance had suddenly vanished.
6:45 AM UTC saw the wallet service admit awareness of a problem affecting BNB (BNB) and Trust Wallet Token (TWT) balances. Later, they acknowledged that additional tokens were impacted by the malfunction. However, the wallet company reassured its users that their funds remained secure throughout this incident.
At 8:05 am UTC, Trust Wallet announced on their platform that they had addressed the problem. In simpler terms, they stated, “Hey Trust Wallet community, no more troubles! The issue is sorted out and all systems are functioning smoothly now. Thank you for your patience.
Crypto thieves stole $2.2 billion in 2024
Although the problem with Trust Wallet turned out to be just a glitch, one user became alarmed, thinking that all their funds had been taken. Such concerns might stem from the frequent occurrence of security breaches in the cryptocurrency world, resulting in substantial losses for many users.
2024 saw crypto thieves swiping a staggering $2.2 billion from cryptocurrency platforms in as many as 303 separate instances, according to Chainalysis data.
This year, the traditional financial sector (Centralized Finance or CeFi) encountered substantial difficulties, marked by a remarkable 1,000% year-over-year surge in security issues. Some of the most prominent breaches included the WazirX incident in July and the DMM hack in May. The WazirX attack led to a $235 million loss of cryptocurrency, while the DMM breach resulted in a $305 million Bitcoin (BTC) loss.
In 2024, it was found that most of the losses were linked to hacking groups tied to North Korea (DPRK). According to Chainalysis, these North Korean hackers are estimated to have stolen over $1.3 billion in 47 separate incidents throughout the year. This staggering amount represents approximately 61% of all funds stolen in 2024.
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2024-12-21 15:33