Coinbase-Backed Truflation Lost $5 Million in Hack, Offers Bounty to Hackers

Blockchain investigator ZachXBT has revealed that Coinbase Ventures-backed crypto project Truflation has lost around $5 million in a hack. The amount was drained from “treasury multisig and personal wallets.”

ZachXBT first posted about the hack on Telegram channel and noted, “The project Truflation was hacked a few hours ago for $5M+ on multiple chains from the treasury multisig and personal wallets.”

Later, Truflation confirmed on X that it had detected some abnormal activity and had suffered a malware attack. “We are currently monitoring the situation and are taking measures to protect funds while we are investigating and working with law enforcement,” the project shared.

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

In a X video, CEO Stefan Rust also reassured users that no customers’ funds are at risk, as the team is tracking down the issue. Rust also has urged the hacker to reach out to the team and has offered bounty, as he said that the team is also open to taking white hat hacking suggestions.

Truflation also informed users that staking is unavailable at this time and there is limited liquidity on DEXs. 

Web3 security firm Cyvers also monitored the attack and found that Truflation lost $4.95 million including $3.89 million in Truflation (TRUF), $1.07M in Ether ETH and $236,000 in the DAI stablecoin was stolen from the team’s Ethereum wallets. Post the attack, Truflation’s token , TRUF has gone down by 14.78% and is currently trading at $0.0735.

Also Read: ZachXBT Unveils $243M Crypto Heist Stolen in Social Engineering Attack