Trust Wallet
caught more eyes recently when Binance’s CEO emphasized self-custody and cited Trust Wallet.
The Trust Wallet is an unguarded wallet, which means that it does not possess users’ private keys and, therefore, is a very secure option to guarantee ownership of your assets. The Trust Wallet can be used to access over 4.5 million cryptocurrencies and NFTs.
When it comes to its non-custodial nature, it provides users with full ownership of their assets on the blockchain.
In other words, it encrypts users’ private keys that are only stored in their phones. In addition, Trust Wallet never accesses users’ funds. So, it is the safest known option for your assets and funds.
Now the question is “Can Trust Wallet be hacked?” Let’s try to find out.
First of all, cryptocurrencies have become a new target of hackers in recent years. The reason is their greater popularity. In August 2022, Solana-based hot wallets were hacked by an unknown hacker. The hack amounted to $8 million, and the wallets included in the hack were Phantom, Slope, and TrustWallet.
The reason behind such a hack was reported as the result of a flaw in the supply chain where users’ private keys were stolen from wallets. To conclude, it can rightly be said that although the Trust Wallet is the most secure, it is still not saved by hackers.
- See also
- Trust vs Coinbase Wallet
- Metamask v/s Portfolio Trust
- Exodus Wallet vs Trust Wallet
- Trust Wallet Review: Zero-Fee Platform, Is It Worth It?
Some tips to protect your Trust Wallet:
- Make sure you don’t share your private keys with anyone.
- Try to keep a backup (in offline mode) for your private keys so you can access them in case your mobile phone is lost or damaged.
