Truflation Suffers $5 Million Loss in Malware Attack

Truflation, a blockchain-based platform providing real-time inflation data, confirmed it was the victim of a malware attack yesterday that resulted in losses valued between $4.95 million and $5.2 million.

The attack led to the theft of approximately $3.89 million in Truflation’s native token (TRUF), $1.07 million in Ether, and $236,000 in DAI stablecoin from the project’s treasury multisignature and personal wallets on Ethereum. Blockchain analysts, including ZachXBT and security firm Cyvers, confirmed these figures. An additional $100,000 was stolen from seven other chains.

Truflation stated that it is actively monitoring the situation and working with industry partners and law enforcement agencies to address the breach and protect its assets.

Truflation Customer and Staking Funds Unaffected

The platform confirmed that the attack did not affect customer funds, and its staking funds also remained secure. It emphasized that the losses were limited to the team’s wallets and did not impact user accounts.

NO CUSTOMER FUNDS AT RISK: Truflation Hack Update #2

CEO Stefan Rust has the latest update as of 8pm EST. pic.twitter.com/ocgJM1hqSL
— Truflation (@truflation) September 25, 2024

Truflation also reached out to the hacker, stating they are open to negotiating and offering rewards for assistance in recovering the stolen funds. The platform called on white hat hackers to aid in the recovery efforts.

TRUF Token Decline Following Attack

Following the news of the malware attack, Truflation’s native token, TRUF, saw a 15.6% drop in value, falling to $0.068 shortly after the announcement. It later recovered slightly to $0.073. The token’s market capitalization currently stands at $12.8 million, according to CoinGecko data.

At the time of writing, TRUF coin’s price is $0.07812; the coin is down by 9%, per CoinGecko.

Truflation launched in December 2021 and is backed by major investors, including Coinbase Ventures and Chainlink. The platform offers real-time economic data and launched a data marketplace that tracks various commodities, such as sugar, petroleum, and wheat.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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