BTC $47561.76 (-0.4%)
ETH $3565.26 (3.80%)
USDT $1.00 (-0.0%)
BCH $631.84 (-1.6%)
BSV $154.99 (-0.6%)
LTC $187.73 (2.91%)
BNB $422.46 (-2.5%)
ADA $2.42 (-3.9%)
DOGE $0.23 (-1.4%)
BTC $47561.76 (-0.4%)
ETH $3565.26 (3.80%)
USDT $1.00 (-0.0%)
BCH $631.84 (-1.6%)
BSV $154.99 (-0.6%)
LTC $187.73 (2.91%)
BNB $422.46 (-2.5%)
ADA $2.42 (-3.9%)
DOGE $0.23 (-1.4%)

THORchain Loses $8M in Another Attack

Thorchain Loses $8M in Another Attack
  • THORchain has been struck by another attack that drained millions in assets.
  • Last 2 weeks, THORchain also suffered an attack that wiped out about 4,000 ETH.

THORchain has been struck by another attack that drained millions in assets from the protocol.

The blockchain protocol THORchain took to its Twitter account this morning to announce the attack. According to the firm, the attack cost around $8 million.

In a series of tweets, THORchain said that the hackers deliberately limited their impact, seemingly a white hat. A white hat is an ethical computer hacker, or a computer security expert, specializing in penetration testing that ensures the security of an organization’s data systems.

THORchain noted that the hacker used a custom contract that was able to trick the Bifrost into accepting a deposit of fake assets. The Bifröst Protocol allows multichain connectivity by forming a bridge between blockchains. More so, the Thorchain team said that the network then processed a refund of real assets to the hacker.

In addition, the firm said that the whitehat requested a 10% bounty. With this, they will be awarded if they reach out, and they should be encouraged to do so.

The blockchain protocol also stressed that

“ETH will be halted until it can be peer-reviewed with audit partners, as a priority. LPs in the ERC-20 pools will be subsidized.”

Further, the team emphasized that it is a tough time for the community and project, and the pain is real. However, it also noted that the treasury has the funds to cover, but it’s time to slow down.

Last 2 weeks, Thorchain also suffered an attack that wiped out about 4,000 ETH from the crypto trading protocol.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.