Truflation [Old]

Blockchain-based inflation data platform Truflation confirmed it suffered a malware attack, with blockchain analysts estimating it lost up to $5.2 million.
“The Truflation team detected some abnormal activity. An attacker launched an attack using malware,” the project said in a Sept. 25 X <a data-ct-non-breakable="null" href="https://x.com/truflation/status/1839043719124889963" rel="null" target="null" text="null" title="null">post</a>.
Truflation added it was monitoring the incident and is taking measures to protect funds while working with “leading industry partners” and law enforcement.&nbsp;
The project — backed by Coinbase Ventures, Chainlink and others — is also trying to contact the hacker and is open to negotiating. It added that it would reward <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethical-hackers-alliance-crypto-hack-protection" rel="null" target="null" text="null" title="null">white hats</a> offering assistance.
<figure>
 <img alt="Coinbase-backed Truflation confirms hack, losses estimated to be $5M" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922bac-8d03-75cd-903d-6a52af56cc22">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/truflation/status/1839043719124889963" rel="null" target="null" text="null" title="https://x.com/truflation/status/1839043719124889963">Truflation</a>
 </figcaption>
</figure>
About $5.23 million was lost from Truflation’s treasury multisignature and <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/crypto-wallets-explained" rel="null" target="null" text="null" title="null">personal wallets</a> on Ethereum, while around $100,000 was lost on seven other chains, <a data-ct-non-breakable="null" href="https://t.me/investigations/159" rel="null" target="null" text="null" title="null">according</a> to blockchain sleuth ZachXBT.
A separate <a data-ct-non-breakable="null" href="https://x.com/CyversAlerts/status/1839052419420008895" rel="null" target="null" text="null" title="null">assessment</a> by blockchain security firm Cyvers found that Truflation lost $4.95 million.
Approximately $3.89 million in Truflation (TRUF), $1.07 million in Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) and $236,000 in Dai (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dai-price-index" rel="null" target="null" text="null" title="null">DAI</a>) stablecoin were stolen from the team’s Ethereum wallets.
<figure>
 <img alt="Coinbase-backed Truflation confirms hack, losses estimated to be $5M" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922bac-078d-72c1-a836-122fb75bd0f2">
 <figcaption style="text-align: center;">
 ZachXBT’s assessment of Truflation’s security incident. Source: Zapper/ZachXBT
 </figcaption>
</figure>
Truflation’s team <a data-ct-non-breakable="null" href="https://x.com/truflation/status/1839071754196759002" rel="null" target="null" text="null" title="null">said</a> that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-funds-hack" rel="null" target="null" text="null" title="null">no customer funds</a> were compromised. Its staking funds weren’t affected either.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chainlink-forecasts-10-trillion-tokenized-asset-market-by-2030" rel="null" target="null" text="null" title="null">Tokenized asset market to hit $10T by 2030: Chainlink report</a>
The TRUF token fell 15.6% to $0.068 in the 90-minute window shortly after Truflation’s X post before partially recovering to $0.073, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/truflation" rel="null" target="null" text="null" title="null">data</a> shows. Its market cap is currently sitting at $12.8 million.
<figure>
 <img alt="Coinbase-backed Truflation confirms hack, losses estimated to be $5M" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922bab-8915-7ced-992b-49dbcd2fc186">
 <figcaption style="text-align: center;">
 TRUF’s change in price over the last 24 hours. Source: CoinGecko
 </figcaption>
</figure>
Truflation is a blockchain-based financial data service that provides real-time economic and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-the-consumer-price-index-cpi" rel="null" target="null" text="null" title="null">inflation data</a>.
About 10 months after launching in December 2021, Truflation also <a data-ct-non-breakable="null" href="https://truflation.com/blog/truflation-launches-data-marketplace" rel="null" target="null" text="null" title="null">opened</a> a data marketplace that tracked various commodity indexes, such as sugar, cocoa, coffee, cattle, petroleum and wheat.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/lady-of-crypto-bull-market-plans-2025-hall-of-flame/" rel="null" target="null" text="null" title="null">Lady of Crypto will be ‘all out of crypto’ by September 2025: X Hall of Flame</a>

Coinbase-backed Truflation confirms hack, losses estimated to be $5M

Cointelegraph

Other articles published on Sep 26, 2024

Ripple Moves 200 Million XRP

Bitget Becomes LaLiga’s Official Cryptocurrency Partner in $10M+ Deal

SEC Chair Gensler plugs changes to exchange definition that worries crypto

Coinpedia Fintech News

Solana’s New Web3 Smartphone "Seeker": What You Need to Know

Curve Finance Considers Removing TUSD from crvUSD Collateral Amid SEC Accusations

Join our free newsletter for daily crypto updates!