Token TRU plummets 99% Truebit suffers hacker attack with a loss of $26 million

Ethereum verification and computation protocol Truebit suffered a major security crisis on January 8th, causing its native token TRU to crash. This attack not only resulted in over $26 million in asset losses but also exposed a significant hidden risk in the DeFi ecosystem—those old smart contracts with permissions that have been forgotten but still remain active. Following the incident, the TRU token price plummeted from $0.16 to $0.01, a 99% drop, causing substantial losses for token holders.

Contracts Deployed 5 Years Ago Become “Time Bombs”

According to independent security researcher Weilin Li’s analysis, the root cause of this attack was not a recent code vulnerability but a smart contract deployed by Truebit five years ago. The contract’s pricing mechanism involved in the “minting” function had serious design flaws, and this long-neglected vulnerability ultimately became the hacker’s entry point.

Specifically, the hacker exploited the price loophole in the minting mechanism to purchase large amounts of TRU tokens at a cost far below market value. This attack method appears simple but can cause the token’s value to collapse completely in an instant. Data from on-chain analysis platform Lookonchain estimates that the stolen assets amount to 8,535 ETH, worth approximately $26.6 million.

Precise Collaboration Among Hackers

The official team confirmed the security incident on social platform X and stated that they are working closely with law enforcement. However, according to further investigation by Weilin Li, the attack was carried out by two hackers working together, with one profiting about $26 million and the other about $250,000. This division of labor suggests that the attackers may be organized and have in-depth knowledge of the target contracts.

The “Archaeological” Threat Facing the DeFi Ecosystem

Weilin Li specifically warns that a new trend has emerged among hackers—targeting long-forgotten, outdated contracts that still retain active permissions. This “archaeological” style of vulnerability hunting has become a new favorite among hackers.

Over the past year, the DeFi ecosystem has experienced multiple similar incidents. In November last year, DeFi protocol Balancer was hacked due to smart contract vulnerabilities, resulting in over $120 million stolen. Recently, projects such as Bunni, Nemo Protocol, Hyperdrive, and Yearn Finance have also reported smart contract attacks. These events indicate that searching for old code vulnerabilities has become a systematic strategy among hackers.

Risks for Token Holders and DeFi Users

The Truebit incident serves as a reminder to DeFi participants that ancient tokens and protocols are not necessarily safer; they may hide undiscovered vulnerabilities. Long-term token holders should continuously monitor security updates and contract upgrades of the projects they invest in. When vulnerabilities are discovered and emergency measures are taken, token prices often experience sharp adjustments—just like TRU’s drastic fall from $0.16 to $0.01.

For the entire DeFi ecosystem, this “archaeological” attack trend has become an unavoidable systemic risk, urging more projects to conduct security audits and upgrades on outdated contracts.