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

The Truebit (TRU) token has plummeted by 99.9% following a hacker attack that exploited a flaw in an older smart contract. The attacker was able to acquire TRU tokens at no cost and sell them back, draining 8,535 ether, amounting to over $26 million. This severe incident significantly undermines investor confidence in the Truebit project. In the market, TRU's volatility is pronounced, leaving uncertain prospects for a price recovery. The hacking incident may expedite calls for stricter regulation of decentralized finance (DeFi) platforms. The drained funds have led to a surge in token circulation, creating additional selling pressure. Traders need to consider whether to anticipate a rebound following this crash or brace for further declines. This incident underscores the vulnerabilities within blockchain technology and emphasizes the necessity for caution in future investment strategies.