The crypto-based company is the latest to become a victim of cyberpirates
Truflation, a blockchain-based platform focused on providing real-time inflation data, recently confirmed it was hit by a malware attack that resulted in the loss of over $2 million. The hack was identified after the team noticed unusual activity in the system, leading to an immediate investigation. Truflation took to social media on September 25, stating that they are actively working with industry partners and law enforcement to mitigate the impact of the breach and protect remaining funds.
On September 25th, 2024, the Truflation team detected some abnormal activity. An attacker launched an attack using malware.
We are currently monitoring the situation and are taking measures to protect funds while we are investigating and working with law enforcement. The…
— Truflation (@truflation) September 25, 2024
Blockchain analyst ZachXBT estimated that around $5.23 million was stolen, primarily from Truflation’s treasury multisignature and personal wallets on the Ethereum network. Smaller amounts, totaling about $100,000, were also taken from wallets across seven other blockchains.
Cyvers, a blockchain security firm, later confirmed that approximately $4.95 million had been compromised in the attack. This included $3.89 million in Truflation’s native token (TRUF), $1.07 million in Ethereum (ETH), and around $236,000 in the stablecoin Dai.
Despite the scale of the hack, Truflation assured its users that no customer or staking funds were affected. As a precaution, the team is also reaching out to the hacker, signaling a willingness to negotiate in hopes of retrieving some of the stolen assets. They are also offering rewards for any white hat hackers who can assist in recovering the lost funds.
Following the announcement, the TRUF token saw a significant dip in value, dropping by over 15% to $0.068. It has since stabilized, hovering around $0.073. Despite this setback, the platform continues to operate, providing crucial economic data and maintaining a market cap of $12.8 million.
