THORChain suffers another multimillion dollar exploit

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.

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 anonymous hackers claim that the damage was minimized to teach THORChain a lesson.

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.

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