Truflation Hacked: $5 Million Stolen, CEO Warns of Scams

The blockchain platform Truflation, which provides various financial data, has confirmed a cyberattack that resulted in the theft of approximately $5 million. The incident occurred on September 25, 2024, when the platform detected “some anomalous activity.”

According to estimates by the anonymous blockchain researcher ZachXBT, around $5 million worth of crypto assets were stolen from the project’s treasury and individual wallets. The cybersecurity firm Cyver estimated the total losses at around 57 million TRUF tokens, which at the time of the attack amounted to $4.6 million. The platform’s CEO also reported that other tokens were stolen during the breach.

Following the incident, the price of TRUF dropped by 10% in a single day. Despite this, Truflation asserts that customer funds were not affected and users are not at risk. The company has allocated $1 million as a compensation fund for any potentially affected users.

The platform is offering an unspecified reward to “white hat hackers” who can assist in the investigation or recovery of the stolen funds. The Truflation team also disclosed that “efforts are underway to establish contact with the attacker” and they remain open to negotiations. Additionally, the company is working with unnamed “industry partners” to mitigate the impact of the incident and enhance the platform’s security.

Truflation CEO Stefan Rust revealed that the malware was likely introduced in Singapore during the Token2049 conference. He admitted that his account was compromised and warned that fraudsters were attempting to exploit the situation by asking Truflation users to transfer TRUF tokens to fraudulent accounts.

Rust advised exercising caution at conferences, particularly when using NFC, scanning QR codes, downloading apps, and connecting to public Wi-Fi, even when using a VPN.