Due to a hack last night, THORChain is down. The hack caused a loss of up to $5 million in Ethereum (ETH).
The DeFi project discovered a vulnerability in their Chaosnet last night. This had been discovered shortly before the $5 million Ethereum robbery. Initially, the estimates were much higher, approaching the figure of 13,000 ETH, but fortunately it ended up being lower.
What is THORChain and what will happen after the hack?
This project is part of the world of decentralized finance (DeFi), which focuses on creating interoperability between different protocols such as Bitcoin and Ethereum.
A few hours ago, Chad Barraford, CTO of the Skyy Network project explained that if the project’s community votes soon, within 24 hours the platform will be up and running again:
The bug in the code has been found by the team and the PR has already been opened to solve the prob. If the community approves the change, the fix to @THORChain will be pushed out and trading resumed in ~24hrs I’m guessing. $RUNEhttps://t.co/g3AYszG8Gi
— Chad Barraford #BRINGTHECHAOS (@CBarraford) July 16, 2021
“The bug in the code was found by the team and a PR has already been opened to solve the problem. If the community approves the change, the THORChain fix will be done and trading will resume in ~24 hours, I’m guessing.”
This tweet has been reposted by THORChain on Twitter, so the protocol is expected to be back online soon.
In the meantime, THORChain’s native token, RUNE, is currently down 17% in the past 24 hours, according to data from CoinMarketCap, although it’s not particularly losing looking at last month’s data. In fact, in the last 30 days, the price has always been around $4.
In the meantime, the THORChain team explained which has sufficient funds to compensate customers for their losses.
In addition, at Telegram, the team promised to work more on protocol security and to do more audits.
“This is a disappointing time for all of us, but the LPs and Nodes will not be affected once everything is recovered (funds will be restored). The network will be stronger and more resilient. ”