Truflation, a blockchain-based inflation data platform, has confirmed it has been hit by a malware attack, which blockchain analysts estimate could have resulted in losses of up to $5.2 million.
“The Truflation team has detected unusual activity. Attackers have launched attacks using malware,” the project said in a September 25 post to X.
Truflation added that it is monitoring the incident and working with “key industry partners” and law enforcement to take steps to protect funds.
The project, which is backed by Coinbase Ventures, Chainlink, and others, said it is trying to contact the hackers and is open to negotiations. It also added that it will offer a reward to anyone who offers help.
source: Truflation
According to blockchain expert ZachXBT, around $5.23 million was lost from Ethereum’s Truflation treasury multi-signature wallet and private wallets, while around $100,000 was lost from seven other chains.
A separate assessment by blockchain security firm Cyvers found that Truflation lost $4.95 million.
Approximately $3.89 million worth of Truflation (TRUF), $1.07 million worth of Ether (ETH), and $236,000 worth of Dai (DAI) stablecoin were stolen from the team’s Ethereum wallet.
ZachXBT’s assessment of Truflation’s security breach. Source: Zapper/ZachXBT
The Truflation team said that no customer funds were compromised. Staking funds were also not affected.
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According to CoinGecko data, the TRUF token fell 15.6% to $0.068 in the 90 minutes following Truflation’s X post, but has since partially recovered to $0.073. It currently has a market cap of $12.8 million.
TRUF price change over the last 24 hours. Source: CoinGecko
Truflation is a blockchain-based financial data service that provides real-time economic and inflation data.
Truflation also launched a data marketplace that tracks a range of commodity indices, including sugar, cocoa, coffee, livestock, oil and wheat, roughly 10 months after its launch in December 2021.
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