Crypto NewsDeFi

Decentralized exchange Rubic loses $1,000,000 in private key exploit

Rubic’s Multi-Chain swaps protocol and decentralized exchange (DEX) has lost more than $1 million worth of tokens because attackers got access to an administrator’s private keys.

The project developers notified in the morning hours in Asia that one of their admin’s wallet addresses had been hijacked. They believe malicious software was used to access the admin wallet’s private keys.

A private key, or secret key, is a secret number used to encrypt and decrypt data. Secret keys are like passwords and should only be disclosed to the key’s creator or wallet decryption users.

The native token of Rubic is RBC, and BRBC is a wrapped version of RBC. BTBC was made so that users could trade on the BSC network. This cut down on overall fees and gave more people the chance to use Rubic’s token.

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The team says that the hacker stole about 34 million RBC and BRBC tokens and sold them on the Uniswap, Decentralized exchange, and PancakeSwap exchanges. At the time, the coins were worth more than $1.2 million. Notably, the attacker’s wallet that Rubic found had over 205 BNB, or just over $65,000, in a BNB Chain wallet and over $205,000 worth of ether in an Ethereum wallet.

As the attacker sold RBC tokens, their price dropped by more than 98%. But since then, the coin has made up some of its losses, going up by more than 15% in the last day.

Decentralized Exchange Rubic tells the Attacker to give back 80% of the Tokens.

In another tweet, the project team stated they’d begun investigating with third-party help. If the hacker returns 80% of the stolen money, the inquiry will end. “They can have 20% of the assets as part of the bug-hunting operation,” the team added.

Rubic isn’t the only crypto project misused recently. Panama’s Deribit crypto derivatives exchange was hacked for $28 million.

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