Truebit Token Price Falls 99% after Reports of $26M Exploit

The Truebit protocol reported a security incident “involving one or more malicious actors” with a smart-contract address suggesting the loss of $26 million worth of Ether.

In a Thursday X post, Truebit it was in contact with law enforcement and “taking all available measures” following the security incident. Crypto sleuths monitoring the protocol that the exploit had resulted in the removal of 8,535 Ether (), worth about $26.6 million at the time of publication.

The affected smart contract address provided by Truebit showed only small amounts of ETH stolen. However, analysis from Lookonchain and other sleuths that the total amount of crypto stolen in the attack was worth more than $26 million.

It’s unclear what led to the multimillion-dollar exploit or whether user funds were at risk. Cointelegraph reached out to Truebit for comment on the incident, but had not received a response at the time of publication.

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Almost immediately following reports of the exploit, the price of the Truebit (TRU) token plummeted to an all-time low. According to from Nansen, the TRU price fell more than 99% to $0.0000000029 from about $0.16 at the time of writing. 

December saw several significant hacks and exploits resulting in millions of dollars worth of digital assets stolen.

The Flow Foundation had managed to counterfeit tokens on the network on Dec. 27, resulting in about $3.9 million in losses. Hackers also using a malicious update to steal $7 million.

Despite these incidents, blockchain analytics platform PeckShield reported on Jan. 1 that the total losses across the crypto industry due to exploits and hacks dropped to $76 million in December in November .

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