The THORChain, a decentralized cross-chain liquidity protocol, has temporarily halted its network after concerns of a possible vulnerability surfaced on social media.
- As announced on Twitter, the vulnerability is believed to be related to a dependency in the THORChain system that could potentially affect the entire network.
- As a precautionary measure, THORChain suspended trading while conducting an investigation.
- The announcement’s tweet also stated that the validity of the vulnerability claim was being assessed and verified.
“The validity of the claim is currently being assessed and verified.”
- Initial reports revealed that THORSec, the platform’s security team, along with its liquidity platform Nine Realms, received credible reports of the vulnerability.
- Following these events, the price of RUNE, the THORChain native token, dropped 5% and was trading at $1.32.
- In October of last year, a software bug caused the THORChain network to be down for approximately 20 hours. The team confirmed that the issue was string manipulation.
- The DeFi protocol has suffered numerous hacks since its inception in 2018. The most recent security breach occurred in July, resulting in approximately $8 million worth of Ether being drained after the ETH Router was attacked.
- Even though the team assured investors that they had the necessary funds to compensate all victims, they later revealed that the attackers limited the damage and requested a 10% bounty.
