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- According to a post on the Runebase website on Thursday, Thorchain was subjected to an attack that resulted in the theft of about 4,000 Ethereum (ETH, -3.14 percent) from the blockchain crypto trading protocol
- At today’s pricing, that would reduce the attack’s severity to slightly over $7.6 million
- just because Thorchain is decentralized doesn’t mean it can’t be temporarily shut down
According to a Thursday statement on the Runebase website, Thorchain experienced an assault that stole roughly 4,000 Ethereum (ETH, -3.14 percent) from the blockchain crypto trading protocol. The business promised to give a “more thorough evaluation and recovery methods soon in a tweet. Earlier in the day, network administrators stated in a Telegram message that the loss was more than three times that amount, but later revised the statistic. The network had also been suspended as developers evaluated the scope of the intrusion, they said. While the treasury has the cash to cover the stolen amount, the administrators said on Telegram, that they urge the attacker to contact the team to discuss the return of monies and a bounty commensurate with the discovery.
Administrators in the community’s Telegram group first estimated the protocol’s damage to be around 13,000 ETH ($25.1 million), before subsequently estimating the attack to be 4,000 worth of assets (ETH/ERC20) on Twitter. At today’s pricing, that would reduce the attack’s severity to slightly over $7.6 million. It’s unclear whether the accounts on social media are managed by the same persons. While the treasury has the cash to cover the stolen amount, network administrators said in the community’s Telegram channel, they suggested the attacker contact the team to negotiate restitution of monies.
Users’ cash will be available after the issue has been rectified and the network resumes, it added. The network has been suspended, it stated in the meantime. Thorchain is a system that allows users to trade crypto assets like Bitcoin and Ethereum across several blockchains without the use of an intermediary. It accomplishes this by including its native cryptocurrency, RUNE, into every transaction. You’d exchange BTC for RUNE, then RUNE for ETH, for example, to get from Bitcoin to Ethereum. Even while the double-swap adds an extra step, it helps to keep Thorchain decentralized. Decentralized finance, or DeFi, is a catchall name describing blockchain-based protocols that allow for complicated financial transactions such as loans and swaps to be completed without the involvement of middlemen. However, just because Thorchain is decentralized doesn’t mean it can’t be temporarily shut down. A more thorough assessment and rehabilitation measures will be published soon, according to a tweet from tonight.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
