THORchain: a new attack and a warning from a white hat hacker

New attack on THORchain

On July 16, the DEX THORchain had reported a first attack. It had seen 4,000 ETH, or 7.6 million dollars at the time of the event,vanish. This second hack is therefore particularly bad news for the exchange platform.

THORchain reported the attack overnight:

THORchain has suffered a sophisticated attack on the ETH router, worth about $8 million. The hacker deliberately limited his impact, it appears to be a white hat.

The exchange confirmed that liquidity providers would be compensated. According to our colleagues at CoinDesk, the attacker deployed a contract himself. The latter would have allowed him to deposit fake assets on the Bifrost, the protocol that allows THORchain to connect multiple blockchains.

Find all the news on decentralized finance (DeFi)

A white hat warning to the decentralized exchange

The hacker asked to get 10% of the money asa reward, for exposing the flaw. THORchain has confirmed that this will be paid to him, if he gets in touch with the project’s managers. The hacker also left a message in the transactions made:

I could have taken ETH, BTC, LYC, BNB and BEP20 if I had waited. I wanted to teach you a lesson by minimizing the damage. […] Suspend the project until the audits are done. […] Don’t rush in with code that controls millions of dollars.

THORchain described the situation as ” difficult and painful “. The teams also admitted that the complexity of the project was its Achilles heel, but that they were determined to solve the problems. This is the third hack that the platform has suffered since June.

See also  RBIS: the token that performs so well in bear market

Read – ChainSwap victim of a second attack in ten days – Token prices plummet

Newsletter

Receive a summary of crypto news every Sunday And that’s it.

About the author : Marine Debelloir

<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/07/marine-debelloir-redactrice-crypto-150×150.jpg” alt=” width=”100″ height=”100″ />

twitter-soothsayerdatatwitter-soothsayerdata

Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.