TRU Token Collapses 99% After $26M Truebit Exploit
Truebit’s native token TRU plunged about 99% after attackers exploited a long‑standing smart‑contract flaw to drain roughly $26 million (8,535 ETH). Researchers and on‑chain analysts say a misplaced mint (buy) function in a purchase contract — live on Ethereum mainnet for nearly five years — allowed anyone to mint or buy TRU at artificially low prices. Truebit confirmed a security incident involving one or more malicious actors and flagged the attacker contract address (0x764C64b2A09b09Acb100B80d8c505Aa6a0302EF2), advising users not to interact with it while coordinating with law enforcement. Independent trackers estimated the theft at about $26M; no full technical post‑mortem or formal audits were published in Truebit’s documentation, raising concerns over the project’s security posture. The breach highlights risks from legacy smart‑contract bugs and unaudited DeFi code. For traders: TRU liquidity and price discovery are likely impaired, on‑chain recovery efforts, exchange freezes or large wallet movements could cause sudden volatility, and risk appetite for small DeFi tokens may fall as auditors, LPs and exchanges reassess exposure.
Bearish
The exploit directly destroys value in TRU and severely impairs market mechanics for the token. A 99% price collapse signals near-total loss of confidence and liquidity; market makers and LPs will likely withdraw or reduce exposure, worsening price discovery and increasing spreads. Short term: expect extreme volatility, sporadic brief spikes if attacker funds move or exchanges halt trading, and low liquidity that amplifies price moves. Medium to long term: absent on‑chain recovery, exchange freezes or a successful remediation and credible audit, TRU faces delisting risk, permanent market-cap loss, and reduced investor appetite for tokens with similar governance/audit gaps. Historical precedence (other token rug/ mint exploits) shows prolonged depressed prices and diminished trading volumes for affected tokens. Therefore the price impact on TRU is categorically bearish.