Truebit token crashes 99.9% after hacker drains $26.6 million in ether

TL;DR:

The attack exploited a flaw in an older smart contract, allowing the attacker to buy TRU at no cost and sell it back to extract ether.

Key Points:

Background:

Cryptocurrency hacks and exploits target vulnerabilities in smart contracts, exchanges, bridges, and DeFi protocols. These security incidents have resulted in billions of dollars in losses since Bitcoin's inception, highlighting ongoing challenges in securing decentralized systems.

Why It Matters:

Security breaches undermine trust in cryptocurrency platforms and can lead to significant financial losses for users and investors. Each major hack prompts important discussions about security best practices, insurance mechanisms, and the need for better auditing in the crypto space.