Truebit suffered an attack that resulted in the loss of over 8,500 ETH, after which its TRU token plummeted by 99.9%.
AI Summary1 min read
TL;DR
Truebit's smart contract vulnerability led to a theft of over 8,500 ETH, causing its TRU token to drop 99.9% in value. The attack exploited an old contract error, prompting legal action.
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TruebitLayer 1EthereumSmart ContractsTrueFiYield Farmingsmart contract attackTRU tokencryptocurrency theft
According to Mars Finance, The Block reports that Truebit, an Ethereum-based verification protocol, suffered a smart contract vulnerability attack, resulting in the theft of approximately 8,535 ETH (about $26.6 million). The vulnerability stemmed from a minting and pricing error in an older contract deployed five years ago, allowing attackers to profit by purchasing a large number of TRU tokens at an extremely low price. The incident caused the price of TRU to plummet by 99.9%, from $0.16 to $0.000077. Truebit has contacted law enforcement and is taking appropriate action.