$ 5 million in ETH was stolen in a recent hack to the THORChain project

By Melanie M. On Jul 16, 2021

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Due to a hack yesterday, THORChain has currently stopped. A hacker attack resulted in a $ 5 million loss in Ethereum (ETH).

The DeFi project discovered a vulnerability on your Chaosnet yesterday. This had been used shortly before to steal Ethereum, equivalent to a value close to 5 million. Initially the estimates were much higher, approaching a figure of 13 thousand ETH, but in the end it was fortunately discovered that it is a lower figure.

What is THORChain and what will happen after the hack?

For those who are not familiar with it, this project is part of decentralized finance (DeFi) that focuses on creating interoperability between different protocols such as Bitcoin and Ethereum.

A few hours ago, Chad barraford, The Skyy Network project CTO explained that if the project community votes shortly, the platform should start working again within 24 hours:

The bug in the code has been found by the team and a PR has already been opened to resolve 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

THORChain has reposted this tweet on Twitter, so the protocol is expected to be back online shortly.

Meanwhile, THORChain's native token, the RUNE utility token, currently down 17% in the last 24 hours, according to data from Coinmarketcap, although you are not particularly lost when looking at last month's data. In fact, in the last 30 days the price has always been around $ 4.

Meanwhile, the THORChain team explained that they have sufficient funds to reimburse clients for losses.

The only entity that will wear the burden will be the THORChain treasury, approx $ 5m will be used to donate to ETH LPs.
This is the purpose of the treasury during Chaosnet, to insure the network funds.
Onwards
– THORChain # ACTIVATETHESYNTHS⚡️ (@THORChain) July 16, 2021

In addition, in Telegram the team promised to work more on the security of the protocol and that they will do more audits.

“This is a disappointing time for all of us, but LPs and Nodes should not be affected after everything has recovered (funds will be reset). The network will be stronger and more resistant ”.