THORchain Suffers Another Hack of $8 Million

THORchain Suffers Another Hack of $8 Million

The THORchain, a decentralized liquidity protocol platform and network infusing various DeFi based services and asset deposits for poolings and much more. However, THORchain has been the major talk on the hack attacks upon the platform. The platform has suffered so far three attacks this year alone. And the third attack which took place is the second attack in this same week alone!

Third Hack Attack 

Yes, it’s true! This is the third hack attack upon THORchain this year alone, that too is the second attack for this week alone. Accordingly, this third hack has incurred a loss of about $8 million for the platform network.

The THORchain has revealed itself regarding this to the news site, Coindesk on Thursday.

Accordingly, THORcain states the hacker has enabled a customized contract on which cheats over the Bifrost, deceiving it and enabling the network to receive numerous deposits of fake assets. 

This in turn gets returned back to the hacker as the network processes the refunds for the fake deposits. 

Furthermore, THORchain reveals itself through its Tweet on its official page a few hours ago.

In spite of all this, THORchain accepts the hack is again on the same Ethereum (ETH) router of the network, same as the last hack earlier this week.

In addition, the last hack which took place earlier last week sought about a loss of 4000 ETH.

THORchain Views

Also, THORchain depicted that this third attack is in the ‘white hat’ category. 

In addition, the network accepts and acknowledges that it will be halting the Ethereum (ETH) network and many audit partners will be working upon the platform to fix it soon.

However, THORchain accepts that the losses incurred this time are quite heavy and the network has to recover for which it says it will need some time. 

Also, they expressed dejectedly that the pain is high and the whole community has to be together. 

Amidst all this THORchain has already started its recovery and started various audits to fix the bugs upon the network since its second attack earlier this week though.

On the other hand, the platform agrees it’s a tough time and a tough call as they are right now left with only two options. 

One to launch the ETH network again and accept the hacks or not to launch and pass it o for a full 90% complete audit thoroughly for the next 6 months.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.