Cryptocurrency project backed by Coinbase Ventures suffers attack and loses $5 million

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Cryptocurrency project backed by Coinbase Ventures suffers attack and loses $5 million
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Coinbase Ventures-backed cryptocurrency project Truflation has been the victim of a hack that resulted in the theft of over $5 million. The person who revealed the incident was ZachXBT, a well-known blockchain researcher. He reported on social media that the hacker withdrew funds from treasury multisig wallets and personal wallets on various blockchains.

As reported by ZachXBT on his Telegram channel, the amount stolen was over $5 million. He also stated that the affected wallets belonged to both the project treasury and individuals involved with Truflation. The attack appears to have occurred across multiple blockchain networks, which further complicates the situation for the project.

Shortly after the incident, Truflation itself confirmed the attack in a post on the social network X (formerly Twitter). The team behind the Coinbase-backed project reported that it had detected “abnormal activity” and described the event as a malware attack.

Truflation said it is taking the necessary steps to protect funds that have not yet been compromised and said it is already cooperating with authorities to investigate the incident.

Hacker attack on platform supported by Coinbase Ventures

Additionally, the Coinbase-backed project said that as a result of the attack, it has temporarily suspended its staking service. Staking is a crucial functionality for many blockchain projects, as it allows users to “lock up” their cryptocurrencies to help secure the network and receive rewards in return.

The team announced the suspension of this functionality, along with the reduction of liquidity on decentralized exchanges (DEXs), as a preventive measure to avoid further losses.

Cryptocurrency theft remains a common concern in the blockchain space, even for projects backed by major investors like Coinbase Ventures. Attacks like this highlight the vulnerability of digital wallets, especially for emerging projects that may not have as robust security layers as more established networks.

Truflation, which aims to provide innovative crypto solutions, is now faced with the challenge of dealing with the aftermath of this attack, as well as restoring the trust of its users and investors. The project team is expected to release more information about the incident as the investigation progresses.

Cryptocurrency project backed by Coinbase Ventures suffers attack and loses $5 million

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Cryptocurrency project backed by Coinbase Ventures suffers attack and loses $5 million

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Cryptocurrency project backed by Coinbase Ventures suffers attack and loses $5 million

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