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Thursday, September 23, 2021

THORChain Could Be Exploited By Hacker For $8M

THORChain, one of the most famous cross-chain decentralized exchanges in the world, has recently gone through yet another hack. This time, the hacker seems to be exploiting the exchange with another multi-million dollar impact in as many weeks- with almost $8 million Ether affected directly.

Interestingly, sources have claimed that the attacks were done by a white-hat hacker, which has led the exchange to announce a bounty of 10% on the perpetrator. It has been reported that Ethereum will stop functioning until the code gets fixed.

More Woes For THORChain? 

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Several providers of liquidity who have been impacted by this THORChain exploit would be subsidizing the treasury funds of the project. The exchange is currently in the middle of yet another beta launch which has been called Chaosnet. It has accepted that the complexity of the machine it uses has turned out to be the exchange’s kryptonite.

Nonetheless, they have asserted that the issues will definitely be solved with more technicians working round the clock- as well as a complete overhaul in developer procedures and peer-review. 

Interestingly, a screenshot has been making the rounds from the Discord forum of the project which appears to be a message for the project by the hacker. The hackers have claimed that they intentionally minimized the damages from the exploit in a bid to teach THORChain a lesson in humility and patience.

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The message warns the exchange to not rush the code that is useful in controlling the 9 figures. The hackers have also stated that they could have easily done away with Bitcoin, Ether, Binance Coin, Lycancoin, and other tokens if they so wished- for they did find multiple critical issues throughout. 

On the 16th of July, it was reported by CoinTelegraph that THORChain had already been stopped after 4,000 Ether with a worth of $7.6 million had been drained through the protocol. A bug bounty was placed- but nothing came out of it.

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