THORChain Lost $7.6M In ‘Chaosnet’ Exploit And Now Offering Hacker A Remuneration To Return Funds

The insanely famous cross-chain decentralized exchange, THORChain, has recently suffered a major multi-million-dollar infringement. It has been estimated at the initial revision that around 13k Ether (ETH) that are worth $25.1 million have been stolen and now this has brought it down to 4,000 ETH that is almost $7.6M worth of damage to this decentralized exchange. There was a community-provided rundown of all the stolen assets and the figure is near to $6 million! Also, there is a THORChain community Telegram channel. There all the administrators indicated that the project has enough funds right now. And they can cover the user’s stolen assets. However, on the flip side of the coin, they are planning on asking the hacker to return the stolen amount in exchange for a huge bounty.

A telegram post freshly stated that “While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss the return of funds and a bounty commensurate with the discovery,” further adding that all the user’s funds “will be available when the issue has been patched & the network resumes.”  Since THORChain’s tweet about the commencement of its roadmap to recovery, revealing that once the vulnerability is over and the network will start to work again, Ether will be thus donated to liquidity provider pools for reimbursing impacted users. After that, the THORChain team will start examining its contracts with the security firms. Until then, the network remains shut.

So What Now?

Considering the current situation of THORChain, a blockchain cybersecurity firm, Halborn Security has come up with a proposal. It said that it can offer the network with its “Advanced Persistent Protection”. In that, it will be offering the THORChain community with a team of 6 “ethical security engineers working to break every update on Thorchain.” THORChain entered into the guarded ‘Chaosnet’ launch in April this year. It facilitated cross-chain swaps across the Ethereum, Bitcoin,  Litecoin, Binance Chain, and Bitcoin Cash networks.

Via Twitter

Chris Blec is the founder of DeFi watch. He said that the “raise the caps” launch of THORChain had also prevented a major loss of funds. Moreover, the attack that THORChain is suffering from today is not the only one. It has also been targeted by hackers earlier during its Chaosnet deployment. There the protocol lost at least $140,000 worth of assets.

Please follow and like us:

Related Articles