Hacking incidents in the cryptocurrency sector are continuing unabated. The latest news on this point came from Truflation, a cryptocurrency project supported by Coinbase Ventures.
Blockchain researcher ZachXBT announced that Coinbase Ventures Truflation was hacked, with more than $5 million stolen from treasury multi-signature and personal wallets.
According to blockchain detective ZachXBT, around $5.23 million was stolen from Truflation’s treasury multi-signature and personal wallets on Ethereum, while around $100,000 was lost on seven other chains.
Accordingly, approximately $3.89 million in Truflation (TRUF), $1.07 million in Ethereum, and $236,000 in Dai were stolen from the project's Ethereum wallets.
Truflation confirmed the breach, citing a malware attack, and stated that it was working with law enforcement to protect the funds.
In the statement, the Truflation team stated that no customer funds were compromised and staking funds were not affected.
The team also noted that staking is currently unavailable while the investigation is ongoing and liquidity on decentralized exchanges (DEXs) is limited.
After the hack, the price of Truflation’s native token TRUF began to fall, dropping by 15% within hours to $0.068.
TRUF has since partially recovered and is trading at $0.078, down 9% at the time of writing.
Truflation is backed by notable investors such as Coinbase Ventures and Chainlink (LINK).
*This is not investment advice.