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2 days ago, I created a brand new @TrustWallet wallet and deposited $10,000.
Not even an hour later, I received a notification that the entire balance had been withdrawn to another address.
Basically, my wallet was drained.
• Completely new wallet
• Never clicked any links
• Never shared my seed phrase
• Never connected it to any dApp
• Used only on my iPhone
How could this possibly happen?
@cz_binance, you’ve always praised Trust Wallet. I had never really used it for large transactions, but the one time I decided to, this happened.
And I still can’t understand how.
Until now, the only places I’ve felt comfortable keeping significant amounts of crypto were exchanges like Binance, KuCoin and WEEX, because withdrawing requires multiple layers of security.
But this raises a much bigger question:
If a brand new wallet can somehow be drained without the user knowingly clicking a link, signing a transaction, or sharing their seed phrase, how is the industry supposed to solve this?
Maybe I can handle losing 10k$
But imagine someone completely new to crypto who decides to trust a wallet with their life savings.
They download a wallet, deposit their money, go to sleep and an hour later, everything is gone.
How would that person ever trust crypto again?
Was it an exploit?
A compromised device?
A leaked seed phrase?
A malicious transaction?
An inside job?
I don’t know.
And that’s exactly the problem.
If users can’t understand how their money disappeared, how can we expect mainstream adoption?
The space needs to improve its security standard.