The post Truebit Protocol Suffered a $26.5 million Hack as the TRU Token Crashed 100% appeared first on Coinpedia Fintech News
Truebit Protocol, a blockchain project focused on verified computing, has suffered a major security breach that led to losses of around $26.5 million. The exploit caused the TRU token to crash to near zero, shaking investor confidence.
Here’s how the attack happened and what steps Truebit has taken since then.
Truebit Protocol Suffered a $26.5 million Hack
According to blockchain security firm PeckShield, the exploit was detected after suspicious transactions were recorded on the Ethereum network. The attacker successfully drained nearly 8,500 ETH from the Truebit protocol, valued at approximately $26.5 million at the time of the attack.
On-chain data shows that the stolen funds were later split and transferred to two separate wallet addresses 0x2735…cE850a & 0xD12f…031a60.
However, the attackers commonly use this method to reduce tracking risk and complicate recovery efforts.
PeckShield report shows that the exploit appears to have targeted a weakness in the protocol’s contract structure, although a full technical breakdown is still pending.
TRU Token Price Crashes 100% After Exploit
Following the hack, the impact on the Truebit native token TRU was immediate and severe. The token dropped nearly 100% in value from a daily high of $0.1659 to a low of $0.000000018, effectively wiping out its market cap to nearly zero.
On top of it, liquidity on decentralized exchanges dried up quickly, leaving many holders unable to sell.
This sharp collapse highlights how closely token prices are tied to protocol security. Once trust is broken, even temporarily, investor confidence can disappear within minutes.
Truebit Issues Official Statement After Hack
Following the incident, the Truebit protocol released an official statement acknowledging the security breach. The team confirmed that a specific smart contract had been affected and urged users not to interact with the contract until further notice.
Truebit stated that it is working closely with law enforcement and taking all possible steps to contain the damage.
The team also assured users that updates will be shared only through official communication channels as more details become available.
Same Exploiter Linked to Previous Sparkle Attack
PeckShield also noted that the wallet involved in the Truebit hack was linked to a previous attack on the Sparkle protocol around 12 days earlier. In that incident, the attacker obtained tokens and later moved funds through Tornado Cash, a privacy tool often used to hide transaction trails.
This repeated pattern suggests the attacker is experienced and actively scanning for vulnerable projects, increasing concern across the DeFi space.
