In 2023, despite the advancements in blockchain technology, cybercriminals successfully targeted users and various projects, leading to significant financial losses. Reports indicate that over a billion dollars worth of cryptocurrency was stolen through various cyberattacks last year, according to Chainanalysis, a leading blockchain analysis firm.
What Are the Main Causes of Losses?
While many attribute losses to sophisticated hacking methods, the reality is more complex. The FBI’s report for 2023 reveals that a staggering 71% of losses in the cryptocurrency sector were due to investment fraud, primarily involving social engineering tactics.
How Is Trust Wallet Addressing Security?
Established in 2017, Trust Wallet adopts a proactive approach towards security. Collaborating with renowned firms like Halborn and Certik, the platform undergoes nearly 40 audits each year to ensure high security standards.
In 2024, Trust Wallet achieved a major milestone by becoming the first prominent Web3 wallet to obtain ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications, showcasing its dedication to user security and privacy.
- Trust Wallet recovered $90,000 in 2023 and $1 million in 2024.
- The largest recovery was $400,000 from a victim of social engineering fraud.
- Real-time alerts are provided for risky transactions to enhance user awareness.
By implementing substantial security measures and prioritizing user education, Trust Wallet underscores the critical need for trust and transparency within the cryptocurrency landscape.
