Share this article
BTC
$79,428.81
-
4.15%ETH
$1,592.74
-
10.96%USDT
$0.9995
-
0.04%XRP
$1.9846
-
6.83%BNB
$555.88
-
5.94%USDC
$1.0002
-
0.01%SOL
$107.50
-
9.55%DOGE
$0.1523
-
9.09%TRX
$0.2311
-
2.68%ADA
$0.5834
-
9.95%LEO
$8.8751
-
2.16%LINK
$11.42
-
9.53%TON
$3.0090
-
7.46%XLM
$0.2366
-
5.25%SHIB
$0.0ā1145
-
6.66%AVAX
$16.25
-
8.69%SUI
$1.9312
-
11.94%HBAR
$0.1424
-
11.34%OM
$5.8727
-
5.96%BCH
$274.23
-
8.54%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Blockchain Protocol Thorchain Suffers $8M Hack
Thorchain told CoinDesk a hacker deployed a custom contract that was able to trick its Bifrost Protocol into receiving a deposit of fake assets.
Thorchain has been hit by another exploit, this time costing around $8 million, Thorchain confirmed to CoinDesk on Thursday.
STORY CONTINUES BELOW
- Thorchain also told CoinDesk a hacker deployed a custom contract that was able to trick its Bifrost Protocol into receiving a deposit of fake assets.
- The network then processed a refund of real assets to the hacker.
- Last week, the protocol was drained of around 4,000 ether in a separate breach.
THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat.
ā THORChain #BRINGBACKMCCN (@THORChain) July 23, 2021
ETH will be halted until it can be peer-reviewed with audit partners, as a priority.
LPs in the ERC-20 pools will be subsidised.
- Following last week's hack, Thorchain said it had been audited by multiple blockchain security companies to locate bugs in a given network.
- "There were really only two options. Launch and accept the risk of issues, or not launch and stay in the 90% complete audit-review cycle for another six months. Both are difficult," Thorchain said.
- "There's a constant battle for these smart contract securities firms to keep up with hackers," Daniel Kim, head of capital markets at Maple Finance, told CoinDesk via Telegram. That said, the DeFi (decentralized finance) industry is still nascent ... these issues lead to solutions."
Read more: BurgerSwap Hit by Flash Loan Attack Netting Over $7M
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
