Over the first four hours, more than 1.2 million X users saw the Trust Wallet alert on X. Several industry pundits, however, viewed the alleged threat with suspicion. When asked if it's better to be "safe than sorry," a pseudonymous blockchain researcher emphasized that there could be panic-induced harm from Trust Wallet's alert. Later, after another skeptical remark from a cryptocurrency analyst, the company disclosed that its intelligence came from its security team, who are always on the lookout for risks.

This happened at the same time that Apple issued emergency security patches to address two zero-day vulnerabilities in iOS that were used to target iPhones just a month ago. Previous incidents have also seen threat actors utilize Apple's iMessage service as a vector of attack, according to security specialists. Meanwhile, a cybersecurity company claimed last month that at least $25 billion worth of cryptocurrency could be at risk due to zero-day attacks affecting more than 280 blockchain networks.

Impact

• Cryptocurrency Theft
• Unauthorized Access
• Exposure to Sensitive Data

Remediation

• Use a different SMS app. Disable iMessage, or if possible, delete it since it has been abused by threat actors multiple times exploiting zero-day.
• Avoid public and free Wi-Fi services (including hotels), especially when accessing sensitive information.
• Only open links from known and trusted contacts and sources when using your device.
• Maintain cyber hygiene by updating your anti-virus software and implementing a patch management lifecycle.
• Stick to official app stores like Google Play and Apple App Store.
• Review the permissions an app requests during installation. If an app asks for excessive permissions that are unrelated to its functionality, consider it a red flag.
• Keep your device's operating system and apps up-to-date.
• Refrain from downloading apps from unofficial sources or third-party app stores. These sources are less regulated and more prone to hosting malicious apps.
• Enable strong authentication methods, such as two-factor authentication (2FA), for your accounts whenever possible.
• Patch and upgrade any platforms and software timely and make it into a standard security policy. Prioritize patching known exploited vulnerabilities and zero-days.
• Use mobile phone EDR aka mobile endpoint detection and response.
• Use a reputable password manager app.