Hacker takes $8 million from Thorchain to "teach a lesson"

Charlie Taylor

Coingoback" srcset="https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1.jpg 700w, https://cointimes.com.br/wp-content/ uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1-150x32.jpg 150w, https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1-585x125.jpg 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>The Thorchain platform, which handles $100 million in funds, was hacked for the third time in a month, bringing total losses to about $13 million. In this recent attack, the hacker was able to manipulate the smart contract by making the network believe he had made a deposit into the pool that, in fact, never happened.” By confusing the protocol, the guy was able to claim a refund of $8 million. And he even left a note explaining that the attack could have been much more harmful. In the input data field for one of the transactions, the hacker wrote that they could have taken additional coins, including bitcoin (BTC), Ether (ETH) and BNB. Thorchain protocol and therefore "wanted to teach a lesson (sic) by minimizing the damage." The hacker went on to say that "you don't rush a code that controls 9 digits," in reference to the $100 million in company funds. “The hacker deliberately limited his impact, apparently a white hat (good hacker). He has requested a 10% reward which we will give if he contacts us and we encourage him to do so. It's a difficult time for the community and the pain is real,” wrote the Thorchain team. 

<blockquote class=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, 2022

Thorchain said he plans to keep the network unavailable for now while they do some code fixes. The next step would be to restore solvency – perhaps including payment of the reward. The platform will restart, according to the company, but there are no specific dates for when this will occur. Prior to this attack, Thorchain had already suffered a relatively small incident of US$ 140,000 at the end of June and a $5 million hack just a week ago (15). The price of the RUNE token drops 22% in 24 hours on the news, according to CoinGoLive. The asset is currently trading at $3.60. RUNE / TetherUS Daily Chart – Source: Tradingview.comRead more: Buy and sell Bitcoin and other cryptocurrencies on Coinext
The complete brokerage to invest safely and conveniently in the most traded cryptocurrencies in the world.
Sign up and see how simple it is, go to: https://coinext.com.br

Click to rate this post!
[Total: 0 Average: 0]
Next Post

Behind the separation of FTX and Binance

Here's something you may have missed amidst the news this week that the FTX cryptocurrency exchange has raised $900 million in the biggest funding round ever for a cryptocurrency exchange: Binance, one of the first investors, has stepped out of position . FTX CEO Sam Bankman-Fried and Binance CEO Changpeng […]

Subscribe US Now