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Sunday, July 25, 2021

ThorChain Has Already Lost A Sum Of $7.6 Million In Chaosnet Exploit

 According to multiple reports, ThorChain- a popular cross-chain decentralized exchange- has already gone through a major multi-million dollar breach. As stated, the complete estimate of the damage does vary as the token revises the initial estimate of 13,000 Ether which was stated to be stolen.

This does bring the entire stock down to 4,000 ETH. There has been a rundown provided by a community that has estimated the total damages to be somewhere in the range of $6 million.

ThorChain Currently Under Maintenance 

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In the community of ThorChain, most administrators have already indicated that the project does have the funds which are needed in order to cover the stolen assets of the users. Contrary to what reports believe, most traders have articulated a preference for the hacker in order to return the funds stolen for a bounty.

A post on a relatively famous Telegram channel stated that although the treasury did have the funds to cover the amount stolen- one simply needed to request the attacker to contact the token team which would enable them to get a bounty in return for the funds. 

ThorChain since then has tweeted that the structure is undergoing a massive recovery, following which they announced that they have already fixed the vulnerability that it was suffering from. The decentralized exchange has also restarted their entire network.

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This entails that Ether will be donated to liquidity provider tools which would be used to reimburse users who have been impacted. From that point onward, the team will be planning to bring in security firms that will audit the contracts. 

Halborn Security, a cybersecurity firm for Blockchain, has already compiled a proposal for the entire community of ThorChain- which would offer the team to half a dozen security engineers that would work to break every single update on the financial exchange. 

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