Cryptocurrency crashes 100% after project loses R$ 143 million in hack

Source: PortaldoBitcoin Original Title: Cryptocurrency crashes 100% after project loses R$ 143 million in hack Original Link: A hacker attack on the Truebit protocol on Thursday (8) resulted in the theft of 8,535 ETH, equivalent to US$ 26.6 million (R$ 143.3 million), and caused the project’s native token to lose basically all of its value overnight.

Truebit is a decentralized computation and verification protocol that allows off-chain execution of computationally intensive tasks, reducing costs and blockchain limitations. The project interacts with the Ethereum blockchain and had plans to expand to new networks.

“Today, we are aware of a security incident involving one or more malicious actors,” wrote Truebit. “We are in contact with law enforcement authorities and taking all available measures to handle the situation.”

Details of the case came from an investigation conducted by independent researcher Weilin Li, who pointed out that the attack likely originated from a vulnerability in a minting function with an incorrect price in an old smart contract, deployed about five years ago.

This old contract allowed hackers to purchase the native tokens TRU at a much lower price than those currently being traded on exchanges. Li states that two people were involved in the attack, with one of them profiting R$ 26 million and the other US$ 250,000.

The researcher emphasized that old contracts are becoming “increasingly popular” among hackers aiming to exploit security loopholes in cryptocurrency protocols.

The attack virtually wiped out the project. CoinGecko reports a 100% drop in the TRU price in the last 24 hours: from US$ 0.16 to US$ 0.00000000071.