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Home»ADOPTION NEWS»Coinbase Ventures-backed Truflation was hacked for around $5 million, ZachXBT reports
ADOPTION NEWS

Coinbase Ventures-backed Truflation was hacked for around $5 million, ZachXBT reports

By Crypto FlexsSeptember 26, 20242 Mins Read
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Coinbase Ventures-backed Truflation was hacked for around  million, ZachXBT reports
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According to renowned blockchain detective ZachXBT, Truflation, a cryptocurrency project backed by Coinbase Ventures, had around $5 million stolen from “Treasury multisig and private wallets.”

“Project Truflation has been hacked ZachXBT posted on his Telegram channel that “over $5 million was invested a few hours ago across multiple chains from the Treasury multisig and private wallets.”

Around the same time, Truflation posted on X that it had “detected unusual activity” and had been hit with malware. “We are currently monitoring the situation and taking steps to secure our funds while we investigate and cooperate with law enforcement,” the project said.

Truflation also stated that “staking is currently not possible and liquidity on DEXs is limited.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.

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