Decentralized Exchange Rubic Suffers $1,000,000 in Private Key Exploit

Multi-Chain swaps protocol and decentralized exchange (DEX) Rubic has lost over one million worth of tokens after attackers obtained access to the private keys of an administrator’s wallet.

During the early hours in Asia, the creators of the project said that one of their administrators’ wallet accounts, which oversaw the RBC/BRBC bridge and staking incentives had been hijacked. 

A private key, sometimes known as a secret key, is a number used in conjunction with an algorithm to encrypt and decode data. Secret keys are analogous to passwords and should thus be disclosed only with the key’s generator or persons allowed to decode a wallet.

RBC is the native token of Rubic while BRBC is a wrapped version of the token. BTBC was established to enable users to trade in the BSC network, giving lower total costs and boosting the chance for more people to utilise Rubic’s token.

Approximately 34 million RBC and BRBC tokens were stolen and sold on the Uniswap and PancakeSwap exchanges, according to the team. At the time, the tokens were valued nearly $1.2 million. Notably, the wallet reported by Rubic had over 205 BNB (about $65,000) in a BNB Chain wallet and over $205,000 worth of ether in an Ethereum wallet.

As the attacker sold RBC tokens, the price of the currency plummeted by more than 98 percent. However, the currency has now cut its losses, earning almost 15% during the previous day.

The team behind the initiative said in another tweet that they have already begun investigating the incident using reputable and dependable third-party services.

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