‘Critical issues’ with Thorchain after the second hack in a week

In a short message attached to the transaction, the hacker wrote that there were “more critical issues” with Thorchain and that they could have taken much more than the $ 8 million that was stolen today.

Instead, the attacker “wanted to teach [a] lesson” to the developers behind the protocol.

cryptoshitcompra.com/wp-content/uploads/2021/07/critical-problems-con-Thorchain-after-del-segundo-hack-en-una.png »alt =» »style =» max-width: 100% ; overflow: hidden; width: 100% »/> Thorchain hacker included a short message with the transaction input data. Source: Discord

Thorchain is a decentralized cryptocurrency exchange, similar to Uniswap, but allows traders to exchange assets that may not exist on the same blockchain. If you want to trade Bitcoin with Ethereum without using a custodian like Coinbase, you can do so using Thorchain. This cross-chain feature, called “Chaosnet,” was fully launched on the mainnet in April.

Unfortunately, the complexity of Chaosnet and the speed with which the team launched this product was problematic.

On July 16 the DeFi project had to pause the network after a similar multi-million dollar stunt.

Thorchain’s team reacted quickly both times. As for today’s exploit, they announced that the losses will be subsidized from the project’s treasury. y will pause the network again and look for more reviews with their review partners.

Other members of the crypto community have also commented on how fast Thorchain is moving forward.

Eirk Voorhees, CEO of cryptocurrency trading platform Shapeshift, advised that the team “take the turtle strategy” and that “the project should slow down.” ShapeShift was also the first crypto platform to use Thorchain technology for cross-chain trading.

Also read Bitcoin and Ethereum for direction, DOGE and SHIB Rally

Thorchain’s native token, RUNE, has since failed. As of press time, the token has fallen 13.4% in the last 24 hours and more than 30% in the last two weeks.

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