Thorchain (RUNE) Hacked for the Second Time in a Week. See the Hacker's Message
Popular DeFi protocol Thorchain (RUNE) has suffered from a devastating attack on its Ethereum (ETH) router, an element of its smart contracts architecture.
Thorchain (RUNE) falls victim to $8 million attack; LP funds are safe
According to the official statement the Thorchain (RUNE) team shared on its Twitter account, a sophisticated attack was organized against its protocol.
THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat.
ETH will be halted until it can be peer-reviewed with audit partners, as a priority.
LPs in the ERC-20 pools will be subsidised.— THORChain (@THORChain) July 23, 2021$800 Million Worth of Bitcoin Mysteriously Moved as BTC Soars, Here's What's HappeningSaylor: Banks Now Free to Custody BitcoinSilk Road Founder Breaks Silence After Being Released from PrisonSecret Bitcoin (BTC) Uptrend: 3 Levels to Watch, This Can End XRP Price Rally, Dogecoin (DOGE) Receives Massive Helping Hand
As its Ethereum (ETH) router was the main target, all ETH-oriented mechanisms are currently frozen until the results of a peer review are ready. The net amount of losses is estimated at about $8 million in actual prices.
Meanwhile, the team assures everyone that no liquidity provider has suffered a fund loss since the project's treasury shoulders the burden.
Right now, the smart contract ecosystem of Thorchain’s routers is being audited by top-notch cybersecurity vendor Peckshield.
"Whitehat hack?"
The most interesting part of the hack is the attackers' behavior. In their message shared in the transaction's hash, the hackers stressed that they have minimized the damage as they were focused on "teaching lessons." A 10 percent bounty would be sufficient to prevent the hack, they claim, outlining the paramount importance of proper security audits.
The Thorchain (RUNE) team confirmed that the outcome would have been worse if the malefactors had drained all funds accessible to them. At the same time, the team emphasizes that the project has offered a 10 percent bounty for three months in a row.
Thorchain (RUNE) engineers are going to keep the network chain halted and review all mechanisms both internally and externally.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Related articles
Yuri Molchan
Godfrey Benjamin
Dan Burgin