Trust Wallet users are getting false hopes of being “overnight multimillionaires” following a sudden increase in the value of some cryptocurrencies held in the mobile wallet. This was apparently a Trust Wallet glitch.
Users Complain About Incorrect Prices
Following complaints from users, BabyDogeCoin and the Phoenix Protocol token (PHX) are among the coins affected by the glitch. In a recent post on Reddit, one of the users told how his PHX bag suddenly turned to “US$300 million”, only to find out he couldn’t withdraw the funds.
I was already in the process of making a ‘help me cash this out please’ post when I found their week-old tweet saying ‘CMC and Trust Wallet seem to be displaying the incorrect price for Phoenix. It is a glitch, unfortunately.’
Trust Wallet user
When trying to sell or withdraw the amount on the wallet, users received a different price, which was less than the inflated prices on the Trust Wallet.
While some understood this inaccurate data to be a glitch, other users weren’t happy with the development as they claimed it gave them false hopes and even “played with their feelings”.
How Trust Wallet Calculates Prices
The mobile wallet platform depends on the price information provided by CoinMarketCap, a crypto price tracking platform. The value of coins on a Trust Wallet is the average trading price across multiple exchanges. It remains unknown whether the glitch was from the Trust Wallet or the data feed.
However, it’s also worth noting that this isn’t the first time such an incident has occurred. There was a similar issue last month where Trust Wallet assured users that “funds are SAFU”.
Earlier this year, Swyftx announced it had listed the native cryptocurrency of Trust Wallet on its platform. And just last week, scammers were found to be sending out fake emails and confirmation messages to Coinbase users in an attempt to lure them into revealing their account details.
Last year, hardware wallet provider Ledger reported an internal security breach resulting in the exposure of 250,000 to 1,000,000 customer email addresses. In some cases, the information leaked included full names and addresses.
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