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On January 8, the native token of the Truebit protocol (TRU) plummeted by 99.95% to nearly zero following an exploit involving $26 millions. Security firm Cyvers Alerts detected an anomaly when one address withdrew approximately 8,535 ETH.
The native token of Truebit, a layer of verification and orchestration for tokenized assets, dropped 99.95% on January 8 after hackers exploited the protocol to withdraw millions in digital assets. Market data shows that the TRU token, which was trading around $0.1663 before the breach, fell to $0.00005417 by 3:00 PM Eastern Time (EST).
Web3 security firm Cyvers Alerts was the first to detect the breach after identifying a suspicious transaction on the network. According to the report, the attack resulted in a loss of approximately $26 millions in digital assets. Cyvers noted that one address received about 8,535 ETH in a transaction labeled “Truebit Protocol: Purchase.” The activity was flagged as anomalous based on behavioral risk indicators in the firm’s detection models.
Preliminary investigations suggest that the exploit targeted a misjudged minting function in a purchase contract. Social media analyst Wail Lee pointed out that this vulnerability allowed attackers to buy TRU tokens at a significantly lower price than their market value. Lee noted that the compromised contract was deployed about five years ago, adding: “It seems that old contracts are becoming more ‘popular’ among malicious actors now.”