TRU Token Falls 99% as Hackers Drain $26 Million From Truebit

Truebit’s TRU token collapsed after hackers exploited a long-standing contract flaw to drain $26 million from the protocol.

Truebit’s native TRU token lost 99% of its value after the protocol reported a major exploit that led to over $26 million in losses.

Blockchain security analysts flagged that 8,535 ETH was stolen from Truebit on Thursday morning, with the Truebit team later confirming “the security incident involving one or more malicious actors.”

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One independent researcher suggested that the root cause of the exploit appeared to be a misplaced minting function in the purchase contract that allowed anyone to purchase TRU tokens at artificially low prices.

The code from the vulnerable contract in question had been live on the Ethereum mainnet for nearly five years.

“No official audits are published in their docs, yet their slogan is ‘Don’t just trust, verify’,” noted Dimitar Dimitrov, co-founder of CD Security on X.