The cross-chain swaps platform THORChain was hacked for the second time in a week. This time, however, the project got lucky.
The cross-chain swaps platform THORChain was hacked for the second time in a week. That gave the DeFi project on Twitter famous. Accordingly, around 8 million US dollars in ETH are affected by the attack. Transactions with ether have been suspended until further notice. As the network suspects, the attacker is said to be a so-called “white hat hacker”. In technical jargon, it refers to those cyber intruders who look for weak points in security systems in order to then report them to the respective network. Most of the time, they then receive a “bounty” for their “service”.
In the case of THORChain, the hacker is supposed to demand a bounty of 10 percent of the looted amount. The platform signals readiness to agree to the deal if the attacker reveals himself. A little later a screenshot appeared in the thread. On it was a message from the suspected intruder. He is said to have discovered several critical security gaps in the code that theoretically would have enabled him to steal Ether, Bitcoin, Binance Coin, Lycancoin, and a large number of BEP-20 tokens.
It is not yet known whether the White Hat has already received the promised bounty.
Second attack on THORChain in a week
The last attack on THORChain wasn’t that long ago. Just last Friday, BTC-ECHO reported that the platform had been the victim of a hacker attack. The attackers stole around 5 million US dollars in ETH. The network promised to work quickly on a solution and to reimburse the amount stolen. The cyber intruder was also offered the option of recovering the stolen coins via the bounty program – but to no avail. In the middle of the repair work, the second attack on THORChain took place.
RUNE course is falling
Meanwhile, the series of attacks does not bode well for the exchange rate of the platform’s own currency, RUNE. Last week, the attack had a negative impact on the minds of some investors who unceremoniously withdrew their investments. As a result, the price fell to $ 3.03. After a brief recovery period to $ 4.78, the second attack caused the share price to fall again, this time to $ 3.43.
The DeFi project tries to calm down its community on Twitter.
The attacks will not destroy the project or change its vision. The network is paused until all bifrosts can be checked. If you would like to help, please contact us.
THORChain on Twitter
It remains to be seen, however, whether the attempts at reassurance will bear fruit.