$10M Gone: Thorchain Exploit Triggers Security Fears Across DeFi

Thorchain, a popular defi protocol, has been compromised twice in the last two weeks, resulting in losses of over $10,000,000. The hacker responsible for the latest exploit left behind a message detailing the measures that should be undertaken to protect users. Hacker Returns to the Scene to Lecture on Security In another blow against the Thorchain protocol, the defi network has found itself the victim of another hack after the equivalent of 4,000 ethereum (ETH) was stolen just days earlier. Thorchain, which features an automated market maker (AMM) and decentralized exchange (dex), is....

DeFi has become a popular attack vector for cybercriminals. After a highly ambitious launch, THORChain suffered two major exploits in July. Cross-chain liquidity protocol THORChain has fully recovered from two summer exploits that compromised millions of dollars in user funds after the company announced Thursday that it had received passing grades in a new security audit. The simultaneous audits, which were carried out by cybersecurity companies Trail and Bits and Halborn, allowed THORChain to implement a five-step recovery plan. THORChain’s contributors now say the protocol is fully....

The white-hat hacker claims to have mercifully minimized the damage of their $8 million exploit in a bid to teach THORChain a lesson. Cross-chain decentralized exchange THORChain has suffered its second multi-million-dollar hack in as many weeks, with $8 million worth of Ether impacted.However, the attack appears to have been carried out by a white-hat hacker, with THORChain announcing the perpetrator had requested a 10% bounty. ETH will be halted until the code has been audited.Liquidity providers impacted by the exploit will be subsidized using the project’s treasury fundsThe whitehat....

According to THORChain’s treasury report for Q1 2022 released on April 1, the chain registered a growth in revenue despite the twofold impact of persistent market sluggishness and highly unstable geopolitical factors. Public data shows that THORChain recorded $2.17 billion in revenue in Q1 2022. THORChain, acclaimed as the “cross-chain version of UniSwap”, gained a foothold in the cross-chain trading market relying on its unique advantages and earned extensive recognition among investors. Behind all these glamours, THORChain is also deeply troubled by hacking. The chain suffered frequent....

The ThorChain network remains halted after the protocol suffered a hack in which the perpetrator is estimated to have made off with $7.6 million in crypto assets. Popular cross-chain decentralized exchange, ThorChain, has suffered a multimillion-dollar breach.Estimates as to the scale of the damage vary, with ThorChain revising the initial estimate that 13,000 ETH (worth $25.1 million) had been stolen down to 4,000 ETH (roughly $7.6 million) as a ballpark for damages. At this stage the estimate is around ~4000 ETH worth of assets (ETH/ERC20) was taken, not 13k ETH. More detailed assessment....