Rubic, a decentralized exchange (DEX) and a multi-chain swaps protocol has recently become a victim to an exploit.
Rubic Reports an Exploit
The decentralized exchange has confirmed it has fallen victim to an online exploit. Due to that, they have ended up losing cryptocurrencies that are worth over $1,000,000.
The most concerning part is what the Rubic officials added to their notification. They revealed that the hackers were able to gain access to the private keys.
As confirmed by the officials, the private keys stolen by the hackers belong to the wallet of the administrator.
It was early in the morning today when Rubic came to know about the exploit. They established that one of the wallets belonging to their administrator had its private keys stolen.
The particular wallet addresses are used for the management of the staking rewards as well as the bridge rewards.
Now that the private keys to these addresses have been compromised, it is a major concern for the entire Rubic community.
According to the officials at Rubic, the hackers were able to plant hacking (malicious) software into their system. This allowed the hackers to gain access to their system and they were exploited.
Hackers Stole RBC and BRBC
As a result, the staking and the RBC/BRBC rewards that the hackers have managed to steal. The RBC exists as the native token on the decentralized exchange Rubic.
Whereas, BRBC is RBC’s wrapped version, which allows the users to carry out their trading activities with the token on the BSC network. Using the token, the users are able to take advantage of multiple benefits.
Using the tokens, the users do not have to worry about paying very high overall fees. The token is also beneficial for bringing in more users to RBC.
Funds Stolen by the Hacker
From the exploit, the hacker or the hackers were successful in stealing BRBC and RBC tokens. The total quantity that attackers were able to steal was 34 million for the respective tokens.
The hackers went on to sell the tokens on a couple of cryptocurrency exchanges. These exchanges were PancakeSwap and Uniswap.
The value of the stolen RBC and BRBC tokens is more than $1.2 million. Rubic officials also shared the details of the hacker’s wallet, revealing it held more than 205 Binance Coins.
In addition to the 205 BNB, the hacker also held many ETH that translate to more than $205,000.
Right after the announcement, the value of the RBC token has taken a major hit. The value of the token has plunged more than 98% after the update from the Rubic officials.
However, in the past 24 hours, the token’s value has recovered by 15%, trimming some of the losses it recorded following the exploit.