THORChain suffers the second multimillion-dollar attack in a week

decentralized cross-chain exchange (DEX) THORChain came under attack for the third time this year and the second time in a week.

THORChain posted the notice on its account on July 23, just a week after it was exploited for $ 5 million in a hit-and-run loan attack.

protocol stated that this time around $ 8 million was lost and that the attack was carried out by a benevolent white hat hacker who requested a 10% reward.

“THORChain suffered a sophisticated attack on the ETH router, around $ 8 million. hacker deliberately limited his impact, apparently a white hat.

White hat mercy

THORChain has confirmed that the attacker will receive the requested reward if they achieve it, and should be encouraged to do so.

“It is a difficult time for the community and the project, and the pain is real. Treasury has the funds to hedge, but it’s time to slow down.

He said the systems will be shut down until the code can be fully verified. In a screenshot posted by THORChain’s Discord channel, the hacker claims that he deliberately limited the damage in an attempt to teach the protocol a lesson. It said: “Do not rush the code that verifies 9 digits” and “Deactivate until the audits are complete.”

hacker also claimed that they could have taken Ethereum, Bitcoin, Binance Coin, Lycancoin, and other BEP-20 tokens if they wanted, adding that “more critical issues” were found. A 10% reward would have prevented it, they added.

Also Read A $ 100 Million Cryptocurrency Scammer Gets A Seven-Year Prison Sentence

THORChain said the project is too important not to complete, adding:

” complexity of the state machine is currently the heel of its archilleo, but this can be solved with more eyes, as well as with a rethinking of development procedures and peer review.”

ShapeShift CEO and protocol supporter Erik Voorhees remained pragmatic:

“Thorchain has had a horrible month, he’s not going to sugarcoat it. Bleh. project must be slowed down. Time to take the turtle strategy. Regardless, I remain a strong advocate and am glad these issues were discovered during the chaosnet.

On July 16, BeInCrypto reported that the DEX protocol was exploited using another router vulnerability in which it lost around $ 5 million. THORChain was also targeted by hackers in a June attack, costing approximately $ 140,000.

RUNE back price tanks

THORChain’s native token RUNE fell 27% from an intraday high of $ 4.80 to $ 3.50 a few hours ago, according to CoinGecko. much-hyped token has now lost 38% in the past fortnight in the wake of the two raids.

At press time, RUNE was trading at $ 3.84, down 81.5% from its May 19 all-time high of $ 20.87. According to DeFiLlama, the total locked value of THORChain was $ 101 million. You have lost 30% of your collateral since it peaked on July 7.


All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at your own risk.

Also Read Understanding Ethereum’s Solidity Programming Language

Source link


Related Posts

© 2024 Cryptocoin