Hacking incidents in the cryptocurrency sector are continuing unabated. The latest news on this point came from Truflation, a cryptocurrency project supported by Coinbase Ventures.
Hack Attack Incident
Blockchain researcher ZachXBT announced that Coinbase Ventures-backed crypto project Truflation was hacked, resulting in the theft of over $5 million from multi-signature and personal wallets. According to blockchain detective ZachXBT, around $5.23 million was stolen from Truflation’s treasury multi-signature and personal wallets on Ethereum, while around $100,000 was lost on seven other chains. Specifically, approximately $3.89 million in Truflation (TRUF), $1.07 million in Ethereum, and $236,000 in Dai were stolen from the project's Ethereum wallets.
Truflation's Response
Truflation confirmed the breach, citing a malware attack, and stated that it was working with law enforcement to protect the funds. In the statement, the Truflation team stated that no customer funds were compromised and staking funds were not affected. The team also noted that staking is currently unavailable while the investigation is ongoing and liquidity on decentralized exchanges (DEXs) is limited.
Impact on TRUF Token Value
After the hack, the price of Truflation’s native token TRUF began to fall, dropping by 15% within hours to $0.068. TRUF has since partially recovered and is trading at $0.078, down 9% at the time of writing. Truflation is backed by notable investors such as Coinbase Ventures and Chainlink (LINK).
This incident highlights the importance of security measures in cryptocurrency projects and the necessity for rapid response to protect assets and user safety.
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