Coinbase-backed Truflation confirms hack, estimated around $5M

Brayden Lindrea12 minutes agoCoinbase-backed Truflation confirms hack, estimated around $5MTruflation’s team said that no customer funds were stolen in the security breach.64 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBlockchain-based inflation data platform Truflation confirmed it suffered a malware attack, with blockchain analysts estimating it lost up to $5.2 million.

“The Truflation team detected some abnormal activity. An attacker launched an attack using malware,” the project said in a Sept. 25 X post.

Truflation added it was monitoring the incident and is taking measures to protect funds while working with “leading industry partners” and law enforcement. 

The project — backed by the likes of Coinbase Ventures and Chainlink — is also trying to contact the hacker and is open to negotiating. It added it would reward white hats offering assistance.Source:Truflation

About $5.23 million was lost from Truflation’s treasury multisignature and personal wallets on Ethereum, while around $100,000 combined was lost on seven other chains, according to blockchain sleuth ZachXBT.

A separate assessment by blockchain security firm Cyvers found that Truflation lost $4.95 million.

Approximately $3.89 million in Truflation (TRUF), $1.07M in Ether (ETH) and $236,000 in the DAI stablecoin was stolen from the team’s Ethereum wallets.ZachXBT’s assessment of Truflation’s security incident. Source: Zapper/ZachXBT

Truflation’s team said that no customer funds were compromised. Its staking funds weren’t affected either.

Related:Tokenized asset market to hit $10T by 2030: Chainlink report

The TRUF token fell 15.6% to $0.068 in the 90-minutes window shortly after Truflation’s X post before partially recovering to $0.073, CoinGecko data shows. Its market cap is currently sitting at $12.8 million.TRUF’s change in price over the last 24 hours. Source: CoinGecko

Truflation is a blockchain-based financial data service that provides real-time economic and inflation data.

About ten months after launching in December 2021, Truflation also opened a data marketplace that tracked various commodity indexes, such as sugar, cocoa, coffee, cattle, petroleum and wheat.

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