Home>News>Economy>Cryptocurrency>RUNE Recovers 11% After Crash and Thorchain USD 8M Hack

RUNE Recovers 11% After Crash and Thorchain USD 8M Hack

Cryptocurrency
23.07.2021
84
RUNE Recovers 11% After Crash and Thorchain USD 8M Hack
Source: Adobe/Negro Elkha

Following another hack suffered by blockchain protocol Thorchain, and the sharp drop in RUNE’s price, the coin is now recovering.

The price of the native token crashed 23% in a couple of hours between July 22 and 23 (UTC). It has gone back up 11% since then. At 7:45, it’s trading at around USD 4.

It’s still down 13% in a day, and nearly 15% in a week. In the past year, the price appreciated 658%.

Thorchain confirmed in the early morning (UTC) of July 23 that it has suffered an attack that resulted in a USD 8m loss.

The team described it as “a sophisticated attack on the ETH Router,” with the hacker deliberately limiting the impact – and this was “seemingly a whitehat.”

Per the Twitter thread, the whitehat asked for a 10% bounty, which the post says will be awarded if the hacker reaches out. They should also be encouraged to do so, it added.

$RUNE hacked. message from hacker below https://t.co/Ps1iHhe49s— dΞfiXBT 🏎 ⚡️ (@defiXBT)

Due to the attack, the team decided to halt ETH Router “until it can be peer-reviewed with audit partners, as a priority,” they said, while liquidity providers (LPs) in the ERC-20 pools will be subsidised.

They added that “the treasury has the funds to cover.”

The team suggested that the attack is also connected to the Bifröst Protocol, which enables multichain connectivity by building a bridge between blockchains.

In another thread, it was added that the network will remain halted until all Bifröst can be reviewed.

They further explained that the 10% bounty program has been in place for three months now.

Per the latest tweet, the audit of the router is still in progress, with the report to be published soon. However, the team claims that “no issues causing fund loss was found.”

To clarify this, the original tweet was ambiguous. – THORChain worked with Peckshield to audit the router— THORChain (@THORChain)

This isn’t the first time the protocol suffered an issue this month. Last week, Thorchain announced they lost some ETH 4,000 (currently USD 8.23m) in an attack.

Per a July 14 post-mortem, a whitehat discovered a vulnerability in the Thorchain router when dealing with ERC-777 tokens on July 9. Another issue then erupted when the ETH router was patched and deployed to testnet. Ultimately, however, the routing was upgraded and the trading resumed, said the post.

Author:cryptonews
29.07.2021, 04:27
44
BlockCrushr drops lawsuit accusing ConsenSys of stealing its IP
18.08.2021, 04:00
124
Rammstein Frontman’s NFT Sale is Unauthorized, Says Historic Russian Museum
29.09.2021, 05:00
141
Libya: credible elections – or another failed bid at nation-building?
30.12.2021, 16:00
174
2021’s Digital Asset Shuffle: A Myriad of Crypto Market Cap Positions Moved Chaotically This Year
30.08.2021, 16:42
196
Hurricane Ida: over a million without power as New Orleans assesses damage
12.08.2021, 18:23
143
California man charged with killing his children claimed he was ‘enlightened by QAnon’, FBI says
14.12.2021, 21:15
77
Witnesses offer differing opinions on approach to stablecoins at congressional hearing
24.05.2021, 15:34
54
Bitcoin and Ethereum Gain Traction, Altcoins Surge