Rubic, a decentralized platform that allows users to switch crypto between different exchanges, was hacked resulting in the loss of over $1 million in cryptocurrencies.
To be more specific, the attack affected the platform due to the fact that hackers were able to gain access to the private keys of one of the administrators of the wallet that contained users’ funds:
“One of our admin’s wallet addresses was compromised. This wallet managed the RBC/BRBC bridge and staking rewards. We suspect it was malicious software that was used to get access to the admin wallet’s private keys.”
The hacker attack on Rubic and the loss of millions of crypto
Specifically, about 34 million native tokens of the platform, RBC, and those of the BRBC bridge were stolen. These cryptocurrencies were immediately sold on the decentralized exchanges of Uniswap and PancakeSwap.
The 34 million RBC transferred by the hackers currently have a value of more than $1.2 million at the time of writing this article. The hacker’s wallet also contains 205 BNB, approximately $65,000, and over $205,000 in Ethereum.
Because of this news, but mainly because the hackers sold all the tokens together, the price of the RBC token fell by more than 98%, although the value of the token then recovered slightly later in the day.
In the meantime, the Rubic platform continues to run uninterrupted and all the rest of the users’ crypto funds appear to be safe.
Rubic crypto: how it works and what it supports
Rubic is a protocol that allows swaps between different crypto assets on different chains, and thus acts as a bridge between different blockchains. Specifically, with Rubic it is possible to swap over 15 thousand assets on over 18 different chains such as Ethereum, Binance Chain, Solana, Fantom, Polygon, Avalanche, and many more.
As for supported exchanges, these include Uniswap, Pancakeswap, Sushiswap, 1inch, Algebra, and so on.
Founded in 2020, Rubic has also received several investments over time from established companies in the industry such as Polygon Grant, Near Grant, Bitgert, Tezos Foundation, Telos Grant, Celer Grant, and Symbiosis Grant.
The official protocol website also features several audits conducted to the platform over the years by Certik and FairyProof. Unfortunately, these audits of the security of the platform were of little use since what was insecure instead was the storage of the private key of one of the fund administrators’ wallets.