TLDR
- Truflation, known for its blockchain-based inflation data, has verified facing a damaging malware breach.
- Estimated losses range from $4.95M to $5.2M
- Funds belonging to clients and those used for staking have not been compromised.
- TRUF token witnessed a 15.6% value dip shortly following the breach announcement.
- Truflation is joining forces with industry allies and law enforcement agencies to tackle the breach.
Truflation, a platform leveraging blockchain to provide inflation insights, recently suffered a malware attack leading to significant monetary damage.
The company, which enjoys support from prominent backers like Coinbase Ventures and Chainlink, confirmed the breach on September 25, 2023, via a post on the social media platform X, previously known as Twitter.
On that particular September day in 2024, the Truflation team noticed peculiar system behaviors which prompted an investigation pointing to a malware-triggered attack.
We are actively overseeing the situation and deploying measures to safeguard assets while collaborating with law enforcement agencies.
— Truflation (@truflation) September 25, 2024
Truflation's update revealed abnormal activity detected as a malware incident, yet specifics on the malware's entry are not disclosed.
As a reaction to the breach, Truflation assured they are surveilling the situation closely and taking steps to protect remaining assets.
The financial implications of the malware breach have indeed been considerable.
Blockchain analyst ZachXBT There's an estimation pointing to a total loss around $5.23 million, mainly siphoned from Truflation’s Ethereum multitask wallets and personal accounts.
Reportedly, an added $100,000 was lost from wallets spanning seven additional blockchain networks.
Blockchain security firm Cyvers proposes a slightly lower loss estimation of $4.95 million. This includes around $3.89 million in TRUF tokens, $1.07 million in Ethereum, and $236,000 in Dai—all from Ethereum-based wallets.
Despite the hefty financial hit, Truflation has reassured users that client funds were untouched by the attack, and staking assets fully intact, offering some solace to investors and users within the ecosystem.
Right after the announcement, the market response was swift; the TRUF token's valuation tumbled 15.6%, stabilizing at $0.068 within an hour and a half of the disclosure.
Since then, the token somewhat rebounded to a trading price of $0.073, retaining a market value of roughly $12.8 million.
Truflation made it clear they are in talks with 'leading industry players' and law enforcement to rectify the security issue.
Interestingly, the project also voiced openness to dialogue with the perpetrator, hinting at possibly considering a bounty or reparation arrangement.
Reaching out to the broader blockchain security community, Truflation is offering incentives to ethical hackers who can aid in resolving this security debacle.
This tactic underlines a rising trend where cryptocurrency ventures tap into ethical hacker expertise for fortifying security frameworks against breaches.
Launching in December 2021, Truflation has carved a niche by delivering real-time economic and inflationary data via blockchain frameworks.
Towards the tail end of 2022, the platform diversified by introducing a data marketplace tracking an array of commodity indexes such as sugar, cocoa, coffee, cattle, petroleum, and wheat.
