Over $1 Million Lost By Rubic As Private Keys Were Reportedly Compromised

The officials at Rubic recently reported that they suffered from an exploit that ended up costing them over $1 million.

Rubic Exploited by Hackers

Rubic is a major platform known for facilitating cross-exchange swaps for cryptocurrencies. The platform reported that it was exploited on Wednesday by hackers.

The platform was hacked as the exploiters were able to gain access to the private keys that granted platform access to the hackers.

The Rubic officials confirmed that unfortunately, it was not just a common user but the administrator, whose wallet access the hackers were able to exploit.

Notification by Rubic

The Rubic officials reportedly announced that one of their admins had the address of his wallet compromised. The hacker used it to his benefit and was able to exploit the protocol.

It was communicated by the Rubic team that the particular wallet address was responsible for the management of the RBC/BRBC bridge.

Additionally, the admin was also responsible for the staking rewards. This was communicated by the developers at Rubic through Twitter.

While officially announcing the exploit, the teams shared their suspicion over the use of software that was malicious. The particular software was used to gain access to the private keys to the admin’s wallet.

What is a Private Key?

The term ‘private key’ refers to a secret number that is used in the world of cryptography. Simply put, a private key refers to a ‘password’ in common terms.

However, private keys have a much more sophisticated role to play in the cryptocurrency industry. They are used as proof of ownership as well as to process transactions.

The private keys are the pass that let the users get through the security protocols placed inside a blockchain.

Information Shared by Rubic

The officials at Rubic confirmed that the BRBC and RBC tokens that the hacker exploited were sold on multiple exchanges.

However, an abundance of these tokens was sold on PancakeSwap and Uniswap exchanges. The developers reassured that despite the exploit, their protocol continues to run without interruption.

The developers also confirmed that none of the funds of the users are in any kind of danger. Their funds are safe and are without any threat from the exploiters.

The teams also confirmed that none of the contracts were exploited by the hackers.

Total RBC Stolen

From the exploit, the attackers were able to steal away 34 million RBC. The total RBC that the hackers were able to steal amounted to more than $1.2 million.

The Rubic investigation team also mentioned the wallet address responsible for carrying out the exploit. At the time when the teams reported the issue, the wallet used for the exploit held more than 205 BNB.

By Brandon Craig
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