THORChain Mainnet Halted Amid Potential Vulnerability Concerns
The operators behind the decentralized cross-chain liquidity protocol – THORChain – preemptively paused the network after claims of potential vulnerability made rounds on social media.
According to the announcement, the vulnerability in question is speculated to be associated with THORChain dependency that may affect the overall network.
“Out of an abundance of caution,” THORChain decided to pause trading while carrying out an investigation.
Its tweet further added:
“The validity of the claim is currently being assessed and verified.”
Initial reports suggested that THORChain’s liquidity platform – Nine Realms – along with the security team THORSec, received “credible reports” of the vulnerability.
In wake of the development, THORChain’s native token, RUNE, dropped by nearly 5% and was trading at $1.32.
Last October, the THORChain network suffered a 20-hour-long outage as a result of a software bug.
The team had revealed that the issue was string manipulation.
The DeFi protocol suffered several hacks since its inception in 2018. The latest security breach took place in July, wherein the perpetrators drained around $8 million worth of Ether after attacking the ETH Router.
While the team assured that the treasury had the necessary funds to compensate all victims, it later notified the community that the attackers limited their damage, “seemingly a whitehat,” and reportedly requested a 10% bounty.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Comments are closed.