Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: TomPluz on July 24, 2021, 07:24:06 AM
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Popular DeFi protocol Thorchain (RUNE) has suffered from a devastating attack on its Ethereum (ETH) router, an element of its smart contracts architecture.
As its Ethereum (ETH) router was the main target, all ETH-oriented mechanisms are currently frozen until the results of a peer review are ready. The net amount of losses is estimated at about $8 million in actual prices.
Meanwhile, the team assures everyone that no liquidity provider has suffered a fund loss since the project's treasury shoulders the burden.
Source: Here. (https://no link shorteningday/thorchain-rune-hacked-for-the-second-time-in-a-week-see-the-hackers-message)
THORChain (RUNE) has been hacked for the second time after a week, resulting in the loss of $8 million in Ethereum (ETH). According to THORChain, the hack appears to have been carried out by a white-hat hacker who had demanded a 10% reward.
The project's treasury funds will be used to compensate liquidity providers affected by the exploit, while the exchange of ETH will be suspended until the code is audited.
The hacker claims to have purposefully minimized the impact to teach THORChain a lesson, adding, "Disable until audits are complete," and "Do not hurry code that controls 9 figures."
Well, this is the kind of risk that we the cryptocurrency industry has to face everyday. With the kind of possible huge rewards of a successful hacking, I am sure more and more hackers are now focusing on many vulnerable platforms they can find.