CZ’s “SAFU” Assurance: Trust Wallet Hack to Cover All $7M Losses
In a swift move to maintain confidence, Binance founder Changpeng “CZ” Zhao has personally addressed the recent Trust Wallet hack, assuring the community that all user funds are “SAFU” (Secure Asset Fund for Users). The breach, which impacted about $7 million across multiple cryptocurrencies, will see its losses fully covered by Trust Wallet itself. This decisive response aims to reinforce trust in the wallet provider, a key piece of infrastructure for millions of crypto users worldwide.
Breaking Down the $7M Trust Wallet Hack
The security incident was isolated to the Browser Extension version 2.68. The Trust Wallet team identified a vulnerability on December 24th, with the exploit occurring on December 25th. Assets including Bitcoin, Ethereum, and BNB were affected.
Crucially, the team acted quickly, urging all users of the impacted extension to immediately upgrade to version 2.69. They confirmed that mobile app users and all other browser extension versions remain completely unaffected. The investigation into how hackers were able to submit a malicious version is still ongoing.
The Bigger Picture: A Sobering Year for Crypto Security
This incident is a stark reminder in a year riddled with exploits. In 2025 alone, crypto hacks have already resulted in a staggering $3.14 billion in losses, with the massive $1.5B Bybit hack making up nearly half. North Korean hacker groups have been linked to over $2 billion of this year’s stolen funds.
As OKX founder Star Xu noted, this Trust Wallet hack underscores that “security is never ‘done.'” It highlights the persistent, evolving threats in the ecosystem and the critical need for constant vigilance from both service providers and users.
My Thoughts
CZ’s immediate, transparent response is exactly what the industry needs. By having Trust Wallet cover the losses, they prioritize user protection above all—this builds long-term loyalty. However, this Trust Wallet hack is a wake-up call. For users, it reinforces the “not your keys, not your crypto” mantra. For the industry, it shows that even established, reputable brands are targets. The positive outcome is that it pressures all projects to prioritize security audits and robust insurance or reserve funds. Trust wasn’t broken here; it was actively defended.
