Founder’s password stolen, cryptocurrency plummets 99%

A cryptocurrency melted 99 percent on Wednesday (2) after its founder’s wallet’s private keys were stolen following a hack that is still under investigation.

The theft was confirmed after a sharp drop in the price of the Crypto currency on the exchange, which quickly caught the attention of traders, a bizarre situation.

Bridging services have remained the “Achilles heel” of the DeFi ecosystem in recent months after a series of massive hacks targeting such platforms.

Bridge cryptocurrency melts 99% after founder’s private key is stolen

The theft of Rubic Crypto wreaked havoc on the coin’s ecosystem on Wednesday after the wallet of one of the project’s founders was stolen.

The estimated loss is 34 million RBC and BRBC tokens, which were sold on decentralized exchanges UniSwap and PancakeSwap.

The bridge that allows the exchange of 15,500 tokens from more than 20 blockchains has not been broken, and exchanges operating in the ecosystem continue to function as normal.

“One of our administrator’s wallet addresses has been compromised. This wallet manages the RBC/BRBC bridge and staking rewards. We suspect malware used to gain access to the administrator’s wallet private key.”

The address is offline and the case is under investigation

The most striking aspect of the new hack that the Rubic ecosystem has suffered is that the founder’s address is in a cold wallet, aka a cold wallet.

These wallets are often located in environments without internet access and are generally more secure, leading the community to suspect that the issue needs to be better clarified in the coming days.

To make the case more transparent, the affected wallet was released by the team (0x105A3BA3637A29D36F61c7F03f55Da44B4591Cd1), and the hacker’s wallet (0xD2D113d7b5c4F8FB4A68cEDa26F894F0fE25F24a) was also disclosed so that the community itself could help with the investigation.

Regarding the other addresses, the Rubic team stated that they are safe as their protocol does not allow unauthorized transfers of funds.

“It is important to note that none of our contracts allow the transfer of user funds used for swaps or staking to unexpected destinations. Your funds are always safe. The team is working on this situation and we will keep you informed Our next steps.”

In addition to the theft of the project’s own tokens, security experts reported that the hackers also took Ethereum and some stablecoins. RBC recovered slightly after melting 99%, but the decline was still significant after the event.

Several custom wallets have been hacked in recent days following the discovery of vulnerabilities.

Source of information: compiled from LIVECOINS by 0x information.The copyright belongs to the author and may not be reproduced without permission

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