The Trust Wallet team addressed rumors circulating on X (formerly Twitter), clarifying that Binance would not delist the TWT token.

TWT is the native token of Trust Wallet, which was initially listed on Binance in January 2021.

On Monday, social media spread rumors and fake images, claiming that Trust Wallet Token (TWT) faced trouble and Binance planned to delist it. This sparked confusion within the community and triggered a sell-off, causing TWT’s price to drop by 25%, hitting an intra-day low of $0.715.

In response, the Trust Wallet team released a statement on Tuesday, refuting these claims and criticizing the spread of fear, uncertainty, and doubt (FUD). They reassured users that TWT remained uncompromised and condemned the perpetrators for spreading misleading information to the community.

“We’re aware of a series of FUD posts surrounding the Trust Wallet token. Although we are unsure where this FUD originated from or why it was chosen to be circulated, we can confirm that both of the rumors that are being spread — are not true. In one instance, someone had photoshopped an image claiming TWT was being delisted from Binance, misleading a lot of the community. So, to confirm: TWT has not been ‘hacked’. TWT is not being delisted from Binance,” the team wrote.

Read more: Trust Wallet vs. MetaMask: Which Crypto Wallet Is Best?

False claims that Binance owned TWT further fueled the crash. However, Binance does not own TWT but rather supports Trust Wallet, a popular cryptocurrency wallet that enables users to buy, store, exchange, and earn cryptocurrencies.

Trust Wallet promotes itself as a highly secure and trusted wallet, with more than 130 million global users and support for over 70 blockchains and 9 million digital assets. The Trust Wallet team acknowledged the community’s efforts in verifying and debunking the misinformation spread on Monday.

While the recent hacking rumors were false, Trust Wallet has previously dealt with security incidents. In November 2022, a vulnerability in wallet addresses created through a browser extension led to up to $170,000 in losses. In February 2023, another user was affected by a hack, resulting in an estimated $4 million loss.

Read more: What Is WalletConnect? A Guide To the Web3 Communication Protocol

These reports highlight the persistent risks of hacks in the crypto space and underscore the importance of verifying information before reacting to news. According to BeInCrypto data, TWT is currently trading at $0.839, down almost 12% since Tuesday’s session began, though it is attempting to recover from Monday’s losses.

The post Trust Wallet Dispels TWT Binance Delisting Rumors as FUD appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

163 +