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THORChain-the victim of an 8 million USD worth of hack

Thorchain witnessed another cyber-attack by another exploit, this time costing about 8 million U.S. dollars.

A hacker located a custom contract that was able to trick Bifrost into accepting deposits of fake assets.

Then, the network returned the tangible assets to the hacker.

After the hacker attack last week, Thorchain stated that multiple blockchain security companies had audited it. These companies’ mission is to locate vulnerabilities in each network.

 

THORChain suffered a multi-million dollar hack for the second time in the past few weeks

The exchange is still in a phased beta release called Chaosnet. They admit that the “complexity” of its state machine includes the “Achilles heel” of THORChain. However, it asserts that the solution to its problems is more attention, like rethinking developer procedures and peer reviews. A total of eight million U.S. dollars worth of ether is the figure under estimation.

The white-hat hacker claimed that in order to teach THORChain a lesson, he has kindly minimised the damage caused by his $8 million exploits.

The hackers added that they could steal Ether, Bitcoin, Binance Coin, Lycancoin and many BEP-20 tokens if they want. They claimed to have found “multiple critical issues” and a 10% error bounty. Though, this incident could have been kept away.

On July 16, THORChain had ceased after 4,000 Ether worth 7.6 million USD was exhausted from the agreement.

The agreement did not succeed in offering a bug bounty to hackers in exchange for returning stolen funds.

Additionally, the decentralised exchange also lost $140,000 in another cyber-attack last month.

THORChain launched its protected “Chaosnet” in April, enabling cross-chain exchanges across Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Binance Chain network.

 

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