Rubic, a decentralized exchange, loses $1,000,000 due to a private key exploit

Rubic, a decentralized exchange (DEX), has lost over a million tokens as a result of hackers getting hold of an administrator’s wallet’s private keys.

The project’s developers disclosed that one of their admins’ wallet addresses, which controlled the RBC/BRBC bridge and staking rewards, had been compromised during the early morning hours of Asia.

“We believe malicious software was utilized to gain access to the private keys for the admin wallet,” they continued.

The native token of Rubic is RBC, and the wrapped version is BRBC. In order to lower transaction costs and give more people the chance to use Rubic’s token, BTBC was developed to enable users to trade in the BSC network.

The attaker allegedly stole about 34 million RBC and BRBC tokens and sold them on the Uniswap and PancakeSwap exchanges, claims the team.

At the time, the tokens were worth more than $1.2 million. Notably, the Rubic wallet flagged by the attacker contained over $205,000 worth of ether and over 205 BNB, or just over $65,000, in an Ethereum wallet.

The price of the coin fell by over 98% as the attacker was selling RBC tokens. The coin has since pared back some of its losses, gaining more than 15% over the last day.

In addition, team said,

“Rubic continues to work without interruption and your staking funds are safe. None of our contracts were exploited, rather it was the private keys of the wallet that were compromised.”

The project’s team stated in another tweet that they have already begun their investigation of the case using reputable third-party services.

However, they added that if the hacker chooses to return 80% of the stolen money, they won’t continue the investigation. The team added,

“They can have 20% of the assets as part of the bug hunting campaign without any legal consequences”

Rubic is not the only cryptocurrency project that has recently been abused, though. According to reports, the Panama-based cryptocurrency derivatives exchange Deribit was also the victim of a hack with a potential value of $28 million.

Yesterday, a launchpad for the Near Protocol called Skyward Finance was drained for $3 million in wrapped Near tokens.