Truebit | Crypto

Truebit lost $26 million after a smart-contract overflow bug let an attacker mint tokens at near-zero cost, sending the TRU price down 99%. A $26 million exploit of the offline computation protocol Truebit stemmed from a smart-contract flaw that allowed an attacker to mint tokens at near-zero cost, highlighting persistent security risks even in long-running blockchain projects. Truebit suffered the $26 million exploit that resulted in a 99% crash for the Truebit (TRU) token, Cointelegraph reported on Friday. The attacker abused a loophole in the protocol’s smart-contract logic, which enabled them to mint “massive amounts of tokens without paying any ETH,” according to blockchain security company SlowMist, which published a post-mortem analysis on Tuesday. Read more

Cyvers Alerts has flagged a suspected Truebit incident after a labeled purchase contract sent about 8,535 ETH, estimated near $26M. TRU’s price briefly collapsed on some token trackers. Desks are watching whether funds were treasury ETH, a mispriced path, or a compromised wallet as desks react now. The post Truebit (TRU) Slips 99.95% as Cyvers Flags $26M ETH Drain appeared first on Cryptonews.

The TRU price fell to $0.0000000029 from $0.16 after the protocol reported a security incident and crypto sleuths tracked stolen Ether. The Truebit protocol reported a security incident “involving one or more malicious actors” with a smart-contract address suggesting the loss of $26 million worth of Ether. In a Thursday X post, Truebit said it was in contact with law enforcement and “taking all available measures” following the security incident. Crypto sleuths monitoring the protocol reported that the exploit had resulted in the removal of 8,535 Ether (ETH), worth about $26.6 million at the time of publication. The affected smart contract address provided by Truebit showed only small amounts of ETH stolen. However, analysis from Lookonchain and other sleuths signaled that the total amount of crypto stolen in the attack was worth more than $26 million. Read more