Decentralized infrastructure provider, Truflation has lost $5 million to a cyber attack, however, Truflation’s team stated that no customer funds were compromised during the security breach.
Truflation, the blockchain-based inflation data platform, confirmed a malware attack, with analysts estimating losses of up to $5.2 million.
“The Truflation team detected some abnormal activity. An attacker launched an attack using malware,” the project said in a Sept. 25 X post.
According to the firm, it oversees the incident, takes protective measures for funds, and cooperates with “leading industry partners” and law enforcement.
Supported by Coinbase Ventures, Chainlink, and others, the project provides censorship-resistant decentralized infrastructure for real-word asset tokenization (RWA), indexes, and inflation with over 18 million data points.
The firm seeks to engage with the hacker and is open to negotiating. It also stated that it would reward white hats by offering assistance. They are now offering a $500,000 bounty for the return of the stolen funds. According to a statement on their X account, if no contact is made by September 28th, the bounty will be opened to the public. Anyone who can identify the hacker and provide information leading to a conviction will receive the $500,000 reward.
Blockchain investigator ZachXBT reported that Truflation lost approximately $5.23 million from its treasury multi-signature and personal wallets on Ethereum, with an additional $100,000 lost on seven other chains.
However, A separate assessment by blockchain security firm Cyvers found that Truflation suffered a loss of $4.95 million.
The team’s Ethereum wallets lost about $3.89 million in Truflation (TRUF), $1.07 million in Ether, and $236,000 in Dai stablecoin.
Truflation’s team reported that neither customer funds nor its staking funds were compromised.
However, following Truflation’s X post, the TRUF token plunged 15.6% to $0.068 within 90 minutes, rebounding to $0.073, as CoinGecko reported. The token’s market cap now stands at $12.8 million.
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Additionally, Truflation operates as a blockchain-based financial data service that supplies real-time data related to the economy and inflation.
However, roughly 10 months after its launch in December 2021, Truflation established a data marketplace that tracked a range of commodity indexes, including those for sugar, cocoa, coffee, cattle, petroleum, and wheat.
