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Trust Wallet is one of the most widely recognized blockchain wallets, and since it became so popular, more and more scammers have appeared on the horizon to gain access to hardworking people’s crypto accounts.
That’s why, in this article, we will present you what is a Trust Wallet fraud, which are the most common scams related to Trust Wallet, how to prevent it, and what to do if you’ve been a victim of one of those schemes.
What is Trust Wallet?
Trust Wallet is a non-custodial cryptocurrency wallet that offers its users full control over their cryptocurrencies and Non-Fungible Tokens (NFTs), and it’s also the official wallet for Binance, the biggest cryptocurrency exchange.
This cryptocurrency wallet supports over 100 blockchains and hosts more than 10 million digital assets.
What makes Trust Wallet unique is its smooth integration with decentralized applications (DApps), allowing secure interactions across various blockchains.
Cryptocurrency users get a bunch of features with Trust Wallet, like buying, sending, receiving, staking, trading, and storing cryptocurrencies.
It operates as a hot wallet connected to the internet, providing flexibility for managing assets anytime, anywhere.
Trust Wallet is a popular choice for crypto enthusiasts and is easily accessible on Android, iOS, and as a browser extension.
What are Trust Wallet Scams?
A Trust Wallet scam is a fraudulent activity or scheme used by bad actors that involves impersonating the Trust Wallet team or using deceptive tactics to trick users into compromising their private keys, recovery phrases, or sending funds.
With that sensitive information, hackers or lawbreakers usually sell it on the dark web or simply use it to steal user’s money.
The Most Common Types of Trust Wallet Scams
1. Phishing Scams
Phishing scams represent schemes where scammers pretend to be reliable organizations to grab your Trust Wallet’s user credentials, like passwords or seed phrases.
The most common tactic involves someone posing as Trust Wallet’s support team, sending you an email claiming a security issue with your wallet, and asking you to confirm your seed phrase or to access a phishing website to log into your account.
It is by far the most common way to fraud a Trust Wallet, and the following common scams we will present more or less involve a type of phishing.
2. Fake Trust Wallet Apps or Websites
Fake websites or fake apps related to Trust Wallet scams refer to the process in which scammers create fake websites or apps that look similar to the Trust Wallet app or website.
If you unknowingly log in on these fake platforms, the scammers can steal your login details. Imagine you download a fake Trust Wallet app from a random place and type in your private keys. That lets the scammers get into your real wallet without permission.
3. Giveaway Scams
Giveaway scams are illegal activities where scammers try to trick users by promising big returns for small amounts of crypto investments.
They often promote these tempting “giveaways” on social media or other online platforms. A scammer could set up a fake Twitter account pretending to be someone important, announcing a Bitcoin giveaway and promising to double any amount sent. To get your cryptocurrency wallet data, they can use a fake website where you’ll be asked to introduce data to connect to your Trust Wallet account.
4. Wallet Dusting Scams
Wallet dusting is a scam in which tricksters send crypto (small amounts), known as “dust,” to many digital wallets. By doing this, scammers can study the transaction history and identify targets for phishing or other attacks.
For example, you might see a small, unexpected amount of cryptocurrency in your wallet, which could be a part of a dusting attempt. If you encounter such a transaction, it’s best not to transfer or use the dust. Moving it can reveal your wallet address and make you more vulnerable to scams.
This scam is closely related to address poisoning.
Address poisoning occurs when cyber criminals generate an address closely resembling the one to which a targeted victim frequently sends funds. Typically, this involves using similar starting and ending characters. The hacker commonly transfers a small amount of cryptocurrency from the newly-created wallet to the target, intending to “poison” their transaction history. The scammers are targeting users of Ethereum and EVMs such as Binance Smart Chain or Polygon.
5. Download and Install Harmful Software
It is also a well-known type of scam under the category of phishing scams, in which fraudsters use deceptive tactics to make users download apps that are harmful under the guise of improving wallet security.
Picture this: You receive a phishing email urging you to download a “security update” for your Trust Wallet. Here’s the catch – that phishing email usually contain software that might actually have a keylogger, a tool crafted to record every keystroke you make, allowing the scammer to steal your private keys.
The recorded data can then be sneakily sent back to the scammer, giving them unauthorized access to your sensitive data and accounts.
How Do You Avoid Trust Wallet Scams in 2024?
To avoid getting scammed, be cautious and take specific steps. If you see any warning signs, steer clear of clicking links, calling phone numbers, contacting them, or sending money. Additionally:
- NEVER share your Trust Wallet private keys or recovery phrases with anyone;
- Download Trust Wallet only from trusted sources (their official site);
- Avoid businesses promising quick riches;
- Don’t engage with investment managers promising fast money growth;
- Be skeptical of “celebrities” contacting you. Genuine celebrities don’t reach out about buying cryptocurrency;
- If you’ve connected with someone on dating websites or apps, meet them before giving any money;
- Disregard messages from companies claiming your account is frozen. Verify through official sources;
- If contacted by a government, law enforcement, or utility company claiming frozen accounts, contact the agency through its official website;
- Ignore job listings for cash-to-crypto converter or crypto miner roles;
- Report any scams threatening to reveal explicit material and demanding cryptocurrency – this is blackmail;
- Reject offers of “free” money or crypto.
How to Report Trust Wallet Scammers?
If you’ve lost your Trust Wallet credentials or been scammed, and it’s not about a security breach or Trust Wallet’s fault, Trust Wallet will not be held responsible or liable for any loss of your digital assets. So, in this case, probably there’s no point in contacting them to solve the problem.
However, after you have collected all relevant details about the scam, including transaction IDs, wallet addresses, email addresses, and any communication you’ve had with the scammer, you have the following options to report a Trust Wallet scam:
- Report to governmental institutions: For US residents, you can do that at the Federal Trade Commission (FTC), Commodity Futures Trading Commission (CFTC), US Securities and Exchange Commission (SEC), or FBI Internet Crime Complaint Center (IC3). For other residents, check the internet for the institution from your country (local law enforcement) in charge of dealing with this kind of fraud (generally financial regulatory bodies or cybercrime units).
- Report to the hosting providers: If you’ve already lost your funds because of a fake website, at least help other users not go through what you did. To report a site to the DNS service or hosting provider, which is responsible for translating website URLs into IP addresses, you can take the following steps – Begin by visiting a Whois Lookup Site and enter the website’s URL into the provided text box, then initiate the search. In the “Registrar” section, locate the email address of the service, typically found at abuse@servicename. Compose an email to this address, reporting the site URL, and be sure to include details about why you believe the website is malicious.
- Report to Google or Microsoft: Same as above, if you’ve already lost your funds because of a fake website, at least help other users not go through what you did. If you report a site to Google, it won’t load in browsers like Google Chrome, Mozilla Firefox, and Opera. It’ll also vanish from Google search, Gmail won’t let emails with the site’s link through, and it won’t be linked on other Google platforms like Google Maps, YouTube, or Blogger. To report, head to the SafeBrowsing Report page. Also, reporting to Microsoft will block the site on Internet Explorer and Microsoft Edge, prevent emails with the link in Outlook.com, and remove links on Bing and Yahoo search, among others. You can report a site to Microsoft by visiting the Microsoft SmartScreen report page.
FAQ
Was Trust Wallet Ever Hacked?
Yes, Trust Wallet has dealt with some serious situations and accusations where people lost money due to hackers or security issues. So, it’s true that Trust Wallet has faced scamming incidents. However, not all of these incidents were the wallet’s fault, and generally, the primary responsibility is of users who don’t take some protection measures. For more details, check our article on this subject.
Is Trust Wallet a Safe Crypto Wallet?
Yes, Trust Wallet is a safe and easy-to-use mobile crypto wallet that lets you have complete control over your crypto assets. Millions of users trust it, and it comes with extra security features like a PIN and backup passphrase.
But remember, Trust Wallet is a non-custodial wallet, which means you’re in charge of keeping your private keys safe. So, make sure to take responsibility for securing your private keys.
How Do You Know If You’ve Been Scammed?
Check your Trust Wallet app or browser extension for any notifications. If you see a pop-up message on either one, it means your private key might be at risk because of a past issue. To keep your money safe, you should move it to a new wallet. This lowers the chance of losing your funds.
Final Thoughts
We hope that our article has helped you and given you what you need to avoid becoming a victim of a scam related to a Trust Wallet account.
Also, we hope that through this article, you’ve learned how to protect yourself and have had time to do so to some extent.
If you are here for prevention, don’t forget to stay informed constantly, verify your wallet constantly to see if there is any malicious activity on it, and take action in time. Stay safe.
