THORchain Suffers an $8 M Attack By a White Hat

Decentralized liquidity protocol THORchain became the target of cybercriminals. For the third time in the course of a month, the protocol was attacked.

As the team informs via Twitter the hack that took place on July 23, was a white hack, where the attacker willingly caused less damage. THORchain was exploited for $8 M. The hacker managed to show the network as if they had deposited several funds and got a refund.

The whitehat requested a 10% bounty - which will be awarded if they reach out, and they should be encouraged to do so.

It is a tough time for the community and project, and the pain is real.

The treasury has the funds to cover, but it's time to slow down.

— THORChain (@THORChain) July 23, 2021

Thus, the total losses of the protocol in a month reached $13 M.

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In late June, the network suffered a $140,000 attack and later another attack of $5 M. According to the note left by the hacker, their intention was to point out THORchain's vulnerable parts.

In particular, they wrote in the input data field that they could have seized more coins, among them BTC, Ether, and BNB. In their words, they aimed to teach a lesson and gave some technical advice. On Twitter, THORchain admitted that there was a “sophisticated attack”.

The platform informed that the hacker requested a 10% bounty of the stolen capital and that the treasury is able to cover the exploit.

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THORchain announced halting the network and coming back stronger.

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