KEY TAKEAWAYS
- About 8,535 ETH, worth roughly $26.5–$26.6M, was drained from the Truebit protocol.
- The TRU token crashed around 99.9%, erasing nearly all market value.
- The exploit targeted an older smart contract, exposing long-standing security risks.
Truebit lost about 8,535 ETH, equal to roughly $26.5–$26.6M, after a smart contract exploit.
The TRU token collapsed 99.9%, wiping out almost all value in hours.
In a matter of hours, thousands of ETH flowed out of a Truebit smart contract and into attacker-controlled wallets.
The market reacted instantly.
Liquidity dried up, sell orders flooded exchanges, and TRU’s price fell to fractions of a cent as confidence evaporated.
What Happened: $26 Million Drained From Truebit
Blockchain data shows the attacker removed about 8,535 ETH from a Truebit contract in a short time window.
At market prices during the incident, that amount equaled roughly $26.5–$26.6M.
Once the transactions became public, traders rushed to exit positions. Within hours, TRU’s order books thinned out as liquidity providers pulled back and prices slid sharply.
The speed of the attack left little room for intervention.
By the time alerts spread across the crypto community, most of the ETH had already moved out of the protocol.
Why The Exploit Worked: An Old Contract Flaw
Early reports point to a vulnerable function in a legacy smart contract.
The code allowed the attacker to mint or price tokens incorrectly, turning protocol-held assets into withdrawable ETH.
While the contract had been deployed years earlier, it still controlled funds, making it an easy target once the flaw was identified.
This shows how older contracts, even those tied to well-known projects, can remain exposed if they are not actively reviewed and updated.
Market Impact: TRU Loses 99.9% Of Its Value
Before the exploit, TRU traded around $0.16. After the attack, the token fell roughly 99.9%, leaving it effectively worthless.
Many exchanges saw trading activity freeze as confidence disappeared.
For holders, the collapse happened too fast to react.
Conclusion
The Truebit hack wiped out $26.5M and caused TRU to drop 99.9%, showing how quickly a vulnerable smart contract can erase value.
Investors are left uncertain, while the protocol’s recovery and future remain unclear.
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