Share this article
THORChain has suffered a wave of attacks over the last few weeks, but RUNE is showing signs of recovery.
THORChain Makes Major Rally
THORChain is soaring.
The project’s RUNE token is up 39% in the last 24 hours, currently trading at $5.79. Although RUNE is still 72.1% off all-time highs, it’s a notable recovery given the recent wave of exploits THORChain has suffered.
THORChain is a cross-chain interoperability protocol for exchanging between tokens like BTC and ETH. RUNE is used as a medium of exchange on the platform. It was hit by an $8 million exploit last week when an attacker tricked the project into making a refund for assets that hadn’t been deposited. The attacker left a note in the transaction’s input data claiming that they could have taken more assets and urged the team to focus on improving its security. It read:
“Disable until audits are complete
Audits are not a nice to have
Do not rush code that controls 9 figures”
Only a week before that, the protocol’s ETH liquidity providers suffered losses of about $5 million in similar circumstances. The protocol was also hit by an incident in late June, though that time the losses amounted to only $140,000.
After the latest incident, THORChain confirmed that it would halt its network chain and conduct additional security audits. The team has been active on social media, yesterday confirming that it had hosted 20 white hat hackers for a THORChain “code walkthrough.”
The project has also received support from many prominent figures in the space, including ShapeShift’s Erik Voorhees and Delphi Digital’s Tom Shaughnessey.
Overwhelming support to enhance @THORChain
– @trailofbits audit
– @HalbornSecurity audit + 6 FT engineers
– @immunefi bug bounty program @ninerealms_cap ($500K program)
– Insurance planned @NexusMutual, @CoverProtocol, @riskharbor, @riskharbor
– Everyone’s eyes on the code
— Tom Shaughnessy 🦉 (@Shaughnessy119) July 28, 2021
RUNE dropped to a low of around $3.53 following last week’s attack. Though the network is still paused, the project’s native token seems to have made a solid recovery, rising 64%.
With RUNE trading at $5.79, THORChain’s market cap is currently $1.56 billion.
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies.
This news was brought to you by ANKR, our preferred DeFi Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
$8M Lost as THORChain Suffers Third Attack in a Month
THORChain says the attacker made off with around $8 million. THORChain Hit by Another Exploit THORChain has suffered its third critical attack in a month. THORChain has suffered a sophisticated…
$5M in Ethereum Lost in THORChain Exploit
THORChain is the latest DeFi attack victim. THORChain Pauses Network After Attack THORChain has been exploited. The DeFi network, which focuses on cross-chain interoperability between protocols like Bitcoin and Ethereum,…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Erik Voorhees Bets on Ethereum DEXs, THORChain
Switzerland-based crypto platform ShapeShift has come a long way since Erik Voorhees founded it in 2014. From its launch until late 2017, it became one of the most widely known…