Trust Wallet Chrome Extension Hack Results in $7 Million Loss; Coinbase Named Top Fintech Pick for 2026
On December 25, 2025, the Trust Wallet Chrome extension version 2.68 was compromised, resulting in approximately $7 million being drained from user wallets. The breach was initially flagged by on-chain investigator ZachXBT and later confirmed by the Trust Wallet team. Binance co-founder Changpeng Zhao, whose company owns Trust Wallet, assured users that the losses would be reimbursed.
Users are advised to avoid using Chrome extension version 2.68 and upgrade to version 2.69 to mitigate further risk. Other extension versions and mobile-only users were not impacted. The incident highlights risks associated with wallet keys and unauthorized transfers, as wallets store keys capable of authorizing such transactions if compromised. According to Chainalysis data, crypto theft rose to $6.75 billion in the year, with personal wallet compromises increasing to 158,000 from 64,000. However, the stolen amount accounted for 20% of the total thefts, down from 44% previously.
In other blockchain finance news, Owen Lau of Clear Street named Coinbase (COIN) one of the top three fintech stock picks for 2026, alongside Nasdaq (NDAQ) and S&P Global (SPGI). Lau maintains a Buy rating on Coinbase with a $415 12-month price target, implying a roughly 70% upside. The investment thesis centers on Coinbase's pivotal role in blockchain-based finance and growth in stablecoin revenue, subscriptions, and on-chain financial services. Key expansion areas include tokenization, payments, and AI tools.
The USDC stablecoin, jointly operated by Circle and Coinbase, provides shared revenue, with Circle sharing about 50% of its USDC revenue with Coinbase. Despite this, Coinbase trades at a discount to Circle on earnings expectations. Catalysts for re-rating include U.S. crypto market structure legislation, stablecoin frameworks, expansion into prediction markets, a potential superapp, and AI-based financial tools.
Lau describes 2026 as a "transition year" for crypto equities, emphasizing investor focus on real adoption over trading volumes. Coinbase is well positioned due to its strong balance sheet, international reach, and diversified product pipeline. As of December 26, 2025, COIN shares were priced around $234.50, down roughly 2.2% amid a broader crypto selloff.
