Crypto Chaos: Truebit, TruBit, and IPOR Hit by Major Exploits

Truebit Protocol and TruBit exchange suffered major exploits, each losing over $26 million in ETH due to smart contract flaws and wallet breaches. TRU token crashed 99%. IPOR’s USDC vault lost $336,000 in a separate Arbitrum exploit.

A series of security incidents have rocked the cryptocurrency sector, with Truebit Protocol and the Latin American exchange TruBit suffering major losses. On January 7, 2025, Truebit Protocol confirmed a smart contract exploit that drained over 8,500 ETH, valued at more than $26 million. Attackers exploited a flaw in the contract’s pricing logic, allowing them to mint tokens at no cost and sell them back, rapidly depleting ETH reserves. The TRU token price collapsed by over 99%, and about half of the stolen ETH was routed through Tornado Cash. Cyvers and Lookonchain flagged the anomalous transactions, and Truebit is working with law enforcement, though no compensation plan has been announced. Separately, TruBit exchange in Latin America reportedly lost 8,535 ETH, also worth around $26 million, after a suspected hot wallet breach. Withdrawal functions on the platform are suspended, and the incident highlights persistent vulnerabilities in digital asset custody. Additionally, IPOR’s Fusion USDC Vault on Arbitrum lost $336,000 due to a smart contract exploit, prompting the DAO to reimburse users and strengthen security protocols.