Truebit token crashes after hacker drains $26.6M in ether
TL;DR
Truebit's TRU token crashed nearly 100% after a hacker exploited the protocol, draining $26.6M in ether. The project is investigating the security incident and working with law enforcement.
Source: CoinDesk
Truebit’s TRU token cratered nearly 100 percent on Jan. 8 after an exploit drained about 8,535 ether, worth roughly $26.6 million, from the protocol’s reserves, according to onchain data and independent researchers. Truebit, an Ethereum-based verification and computation project, said it was “aware of a security incident involving one or more malicious actors,” adding that it is in contact with law enforcement and is taking steps to address the situation. The crypto exploit sent TRU into a near-total collapse, with the token plunging as much as 99.9 percent as liquidity evaporated and holders rushed to exit. Truebit has not yet published a full post-mortem. Full Story