Truebit Suffers Major Causing TRU Token to Crash 99.9%

A few hours ago, it was recorded on-chain that Truebit, a popular Ethereum-based computation and verification project, suffered a security breach that caused the value of its native token TRU to be completely wiped out.

According to the few details that have been shared so far, the large amount of ether was removed from the protocol in a short timeframe, and when all of this was happening, all the blockchain security circle alarms were set off, giving the criminals the opportunity to completely exploit the platform and send the token price into a free fall.

How the Truebit Hack Was Traced to an Old Smart Contract

The flaw was first detected when a blockchain monitoring platform noticed that there was an unusual transfer that involved thousands of ether sent to a single unidentified address. According to the security analysts, it was discovered that the breach was linked to an outdated smart contract created several years ago.

Source: Lookonchain (X)

At first, the hacker managed to access the platform due to the weakness in the contract’s pricing logic, and with this, the attacker had access to the platform and was also able to acquire huge amounts of TRU at no cost, and immediately they exchanged the token back for ether.

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This looped process also enabled the hacker to be able to empty the protocol’s reserves. As the reserve balance shifted, the exploit became more effective, enabling them to carry out repeated withdrawals until all the available funds saved on the reserves were emptied. Immediately after the hacker successfully stole the tokens, they moved most of the funds through privacy tools, making it very difficult to track the funds.

The market reacted instantly to the hack as TRU’s price collapsed by about 99.9%, and investors rushed to sell off their own holdings. Within a few hours after the hack, all the token’s liquidity had dried up. So far, Truebit’s team has publicly confirmed the security breach and stated that they are currently working in partnership with the authorities to properly assess the size of the damage that was caused. However, truebit has not shared any details or technical breakdown or even a recovery plan with the public.

The incident just goes to show how much risk the DeFi space is currently facing, as older contracts can remain vulnerable even long after they were deployed. With this, the eyes of many other DeFi platforms understand that even when newer systems are introduced, the legacy code connected to any active reserves can still become an entry point for attackers if it is left unchecked.

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