Truebit token crashes 99.9% after $26.6M Ether drain by hacker
A hacker exploited the Truebit token (TRU) ecosystem, draining roughly $26.6 million worth of ether and forcing TRU’s price down about 99.9%. The attacker liquidated assets and moved funds through multiple addresses and decentralized exchanges. Trading liquidity for TRU evaporated, severely impacting holders and triggering large sell pressure. The incident follows a pattern of smart-contract and bridge-related exploits that rapidly collapse token prices and market confidence. Key figures: $26.6 million in ether stolen, TRU price collapse ~99.9%. Immediate effects include halted liquidity, panic selling, and likely token delistings or contract freezes. For traders, the event underscores acute smart-contract risk, potential contagion to small-cap tokens, and the importance of monitoring on-chain alerts, liquidity pools, and multisig controls before taking positions.
Bearish
This is categorically bearish. A $26.6M ether drain and a ~99.9% collapse in TRU price destroy holder confidence and liquidity, producing immediate sell pressure and likely delistings or frozen contracts. Historically, similar exploits (rug pulls, bridge and smart-contract hacks) cause contagion across small-cap tokens and increase risk premiums, reducing capital flow into risky DeFi projects. Short-term effects: heavy volatility, opportunistic arbitrage or wash trading, and rapid price declines for related low-liquidity tokens. Mid-to-long-term effects: higher due diligence, tighter listing standards, reduced retail appetite for small-cap tokens, and increased demand for audits and insurance — all of which can depress valuations in the sector. Traders should avoid entering illiquid tokens, monitor on-chain forensic reports, and consider reducing exposure to protocol tokens until audits or remediation are confirmed.