Truflation, a blockchain-based platform renowned for providing real-time economic data, has confirmed it fell victim to a significant malware attack, leading to losses estimated between $4.95 million and $5.2 million. The attack was detected on September 25, prompting the team to announce unusual activity linked to the breach. Reports indicate that hackers stole approximately $3.89 million in Truflation’s native token (TRUF), alongside $1.07 million in Ether and $236,000 in stablecoins from the company’s Ethereum wallets. Fortunately, customer funds remain secure, and the project’s staking reserves have not been impacted by the attack.
The Truflation team, backed by prominent investors like Coinbase Ventures and Chainlink, is taking a proactive stance in addressing the situation. They are actively collaborating with industry experts and law enforcement to secure their assets and investigate the breach. In a unique approach, the team has reached out to the hackers, expressing a willingness to negotiate and even offering rewards for white hat hackers who can assist in recovering the stolen funds. This strategy underscores Truflation’s commitment to transparency and security within the blockchain ecosystem.
Following the announcement of the malware attack, TRUF token prices experienced a significant decline of 15.6%, dropping to $0.068 before partially recovering to $0.073. Despite this setback, the token maintains a market capitalization of $12.8 million, reflecting ongoing investor interest and confidence in Truflation’s long-term viability. The swift response from the team indicates their determination to mitigate the impact of the attack on their operations and reputation.
Founded in December 2021, Truflation offers valuable inflation and economic data, having established a data market that tracks various commodities such as sugar and petroleum. The recent malware attack serves as a stark reminder of the vulnerabilities that can affect even well-established blockchain platforms. Moving forward, Truflation is committed to enhancing its security measures and ensuring the integrity of its operations, reinforcing its position in the rapidly evolving blockchain landscape while prioritizing the safety of its users and their assets.
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