Binance’s Trust Wallet to reimburse users following $7m Christmas hack

Binance co-founder Changpeng Zhao has said that non-custodial crypto wallet Trust Wallet will reimburse users of the platform following a $7 million hack.

Writing on X on Friday, Zhao said that the exchange had a SAFU — secure asset fund for users — to protect client funds.

Hackers targeted Trust Wallet, the official non-custodial mobile wallet of Binance, on Christmas Day, draining $7 million in funds via an update to the Google Chrome browser extension. Trust Wallet has since said that it is in touch with impacted users.

“So far, $7m affected by this hack,” Zhao wrote on Friday. “Trust Wallet will cover.”

“Appreciate your understanding for any inconveniences caused,” he added.

Trust Wallet — which is owned by Binance — on Christmas Day told clients that there was a security incident and warned users not to use the old version of the app’s browser extension.

Blockchain sleuth ZachXBT then flagged the incident, saying that he’d been contacted by users who had lost funds.

The crypto wallet has since warned those using Trust Wallet on a computer not to open the application using Google’s old browser extension.

“For users who haven’t already updated to Extension version 2.69, please do not open the Browser Extension until you have updated,” the platform said on X. “This may help to ensure the security of your wallet and prevent further issues.”

Mobile-only Trust Wallet users were not targeted by hackers, according to Trust Wallet.

2025 has been a brutal year for crypto losses, with hackers stealing more funds than ever before. Blockchain intelligence company TRM Labs last week calculated $2.7 billion in crypto losses for the year.

Cyber criminals have become more sophisticated, targeting centralised exchanges over experimental DeFi apps, the firm said.

North Korean state-sponsored crooks in particular have become advanced, with blockchain surveillance company Chainalysis in December reporting a 51% increase in the amount of digital assets stolen by the hermit kingdom’s hackers in 2025.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.