THORChain suffers another multimillion dollar exploit
Cross-chain decentralized exchange THORChain has suffered yet another multi-million dollar attack, making it the second time the platform has been exploited in the past one week.
As reported by BTC PEERS, THORChain lost about $5 million in a flash loan attack last week. This latest attack brings the reliability of the platform into question, considering the fact that the DEX has suffered three major attacks this year alone.
THORChain confirmed the latest hack via a tweet, disclosing that the attacker managed to steal about $8 million worth of Ether.
THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat.
— THORChain (@THORChain) July 23, 2021
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.
Luckily, the attack was supposedly carried out by white-hat hackers whose intentions were not to steal from the firm but to expose flaws in its system. THORChain revealed that the perpetrators requested a 10% bounty, a demand that the company is willing to meet if the attackers reach out.
The whitehat requested a 10% bounty - which will be awarded if they reach out, and they should be encouraged to do so.
— THORChain (@THORChain) July 23, 2021
It is a tough time for the community and project, and the pain is real.
The treasury has the funds to cover, but it's time to slow down.
The anonymous hackers claim that the damage was minimized to teach THORChain a lesson.
message from hacker... pic.twitter.com/1j8wOPcYHa
— zillaQuest!? (@zillaQuest) July 23, 2021
Moving forward, the DeFi project has decided to halt its operations, especially with Ethereum, until codes have been audited and all potential bugs have been fixed.