Crypto-powered Truflation hacked, wants negotiate with attacker
Blockchain-based economic data provider Truflation confirmed it has been hacked, losing approximately $5 million. The team stated they are open to negotiations with the hacker.
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Blockchain-based economic data provider Truflation has confirmed that it's been hacked, losing approximately $5 million. The team stated they are open to negotiations with the hacker.
The platform reported detecting "some abnormal activity" yesterday, as an attack was launched using malware. Pseudonymous blockchain investigator ZachXBT estimated that around $5 million worth of crypto assets were stolen from the project's treasury and personal wallets.
Crypto security firm Cyver estimated the total loss at around 57 million TRUF tokens, worth $4.6 million at the time, while per the CEO of the platform, other tokens have also been stolen. TRUF’s price dropped by 10% in a single day.
However, Truflation claims no customer funds have been compromised and that users are not at risk. Additionally, the team noted that they have allocated $1 million in Reimbursement Funds for any users who may have been affected.
The platform is now offering an unspecified reward to any whitehats who can assist in the investigation or recovery efforts. The team also said that "efforts are underway to reach out to the attacker," as Truflation remains open to negotiations. Furthermore, the project is collaborating with undisclosed "industry partners" to mitigate the situation and secure the platform.
NO CUSTOMER FUNDS AT RISK: Truflation Hack Update #2
undefined Truflation (@truflation) September 25, 2024
CEO Stefan Rust has the latest update as of 8pm EST. pic.twitter.com/ocgJM1hqSL
In an update on the X platform, Truflation CEO Stefan Rust said the malware was likely injected in Singapore during the Token2049 conference. He also admitted that his personal account had been drained and warned that scammers are exploiting the situation by asking Truflation users to deposit TRUF tokens into fake accounts.
"It is what it is," Rust concluded, advising caution at conferences, especially when using NFCs, scanning QR codes, downloading apps, and using public WiFi, even with a VPN.