Truebit Token Plunges After Protocol Confirms $26M Ethereum Exploit
Truebit’s TRU token went into free fall Thursday after the protocol disclosed a safety incident tied to one among its Ethereum good contracts, with on-chain trackers pointing to a haul of about 8,535 ETH, roughly $26M at current costs.
Truebit mentioned the incident concerned “involving a number of malicious actors” and instructed customers it was involved with regulation enforcement and “taking all accessible measures” in response.
The theft estimate, cited by crypto sleuths monitoring the protocol, put the lacking Ether at 8,535 ETH, with the greenback worth close to $26.6M on the time of reporting.
For merchants, the shock unfold shortly as good contract failures hardly ever keep remoted and sometimes ripple by way of liquidity, confidence and costs throughout exchanges.
Smart Contract Bug Allegedly Enabled Free Token Minting
Truebit is constructed to deal with one among blockchain’s core limits, the high price of on-chain computation. It goals to let purposes confirm advanced calculations with out operating each step on Ethereum, shifting heavy logic off-chain whereas preserving on-chain verification for superior good contract and compute use circumstances.
The protocol flagged malicious exercise linked to its “Truebit Protocol: Purchase” contract and urged customers to keep away from interacting with the tackle till additional discover.
Investigators haven’t seen a full technical postmortem but. On-chain evaluation cited in reporting pointed to a pricing logic failure within the getPurchaseValue perform, the place unusually massive mint requests allegedly returned a zero price, letting an attacker mint tokens at no cost and cycle them by way of a bonding curve to empty ETH reserves.
Attackers Route Stolen Ether Through Tornado Cash
Transaction trails additionally confirmed aggressive clean-up conduct after the drain, together with consolidation right into a important tackle and routing of a giant share by way of Tornado Cash, the form of step that usually alerts planning slightly than a fortunate stumble.
The market’s verdict got here shortly. On-chain investigators reported TRU fell greater than 99%, with Nansen knowledge exhibiting a drop to about $0.0000000029 from round $0.16.
The timing additionally feeds right into a broader safety narrative. PeckShield not too long ago mentioned total crypto hack and exploit losses fell to about $76M in December from $194.2M in November, a 60% drop that also left the ecosystem coping with fixed strain from each protocol bugs and user-targeted scams.
PeckShield’s breakdown included a $50M tackle poisoning loss and one other incident tied to a non-public key leak in a multisig pockets that price about $27.3M.
Truebit has not but mentioned what remediation appears to be like like, and it stays unclear what triggered the exploit and whether or not person funds had been in danger.
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