Another day, another hack. Truflation, a blockchain project backed by Coinbase Ventures, has fallen victim to a malware attack. Blockchain analysts estimate the loss at $4.6 million.
This is a second large attack in the recent days, following BingX $50 million hack on September 20.
The attack was detected on September 25th, 2024. Truflation's team reported "abnormal activity" on social media platform X. They are now working with law enforcement to investigate the incident.
Web3 security firm Cyvers reports that attackers gained control of Truflation's safe address, this led to the loss of $4.6 million worth of TRUF tokens. Blockchain investigator ZachXBT corroborated this information on Telegram.
Truflation has halted its staking services as a precautionary measure. The company is offering a reward to white hat hackers who can assist in the investigation or recovery efforts.
They maintain that no customer funds were compromised.
CEO Stefan Rust addressed the situation in a video statement, in which he suggested the malware was likely injected into computers during the Token2049 event in Singapore last week. This resulted in unauthorized access to treasury funds.
"We are working with the best investigators and crypto security experts," Rust stated. He emphasized the company's commitment to transparency throughout the investigation process.
Blockchain data platform Zapper provided a breakdown of the stolen assets. These include $3.89 million in TRUF, $1.07 million in ETH, and $236,700 in DAI from Ethereum wallets. Additional tokens such as BNB, WETH, and qSQTH were also taken.
Rust disclosed that his personal account was also hacked. He warned users about potential scammers impersonating the Truflation team.
"We will not ask you for tokens," he cautioned.
The CEO expressed mixed emotions about the timing of the attack as Truflation was reportedly preparing to make several significant announcements. "I am super excited and disappointed," Rust admitted.
This incident highlights the ongoing security challenges faced by blockchain projects. It serves as a reminder of the importance of robust cybersecurity measures in the rapidly evolving crypto landscape.
Earlier yellow wrote about the 10 most high-profile hacker attacks in the DeFi world in recent years.