THORChain immediately took to Twitter and revealed about the hacker requesting a 10% bounty.
The network operators of THORChain reciprocated to this attack with a positive outlook and said that the attacker was a Whitehat for making a lesser impact. The hacker then proceeded to list out multiple critical issues with the network. The transaction input data written by the hacker said ‘Could have taken ETH, BTC, LTC, BNB, and BEP20s, if waited. Turns out the hacker carried out a sophisticated attack to trick the THORChain Bitfrost protocol into accepting a deposit of assets. Only this time, the attacker was successful in stealing $8 Million while sending out an important message to the developers. THORChain, a decentralized protocol that allows cross-chain swapping and yielding has once again fallen prey to an attack, as cited by Coindesk.
THORChain, a cross-chain DEX succumbs to another attack this week, losses amount to $8 Million
The token emerged as one of the biggest losers of last week’s crypto crash owing to the network’s exploitation. 
The press time price of RUNE Token is $3.48 established on the back of an 8.60% decline in the past 24 hours. RUNE Token price is in serious jeopardy as the network becomes vulnerable to three attacks in a month. Under the recently launched mainnet, the project aims to provide enhanced security measures and network stability, greater decentralization, a new governance process, establish new chain integrations, wallet integrations, aggregator implementations and roll out a single-sided yield feature. Related: Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakoutĪpart from enabling users to swap assets by liquidity pools across various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin, THORChain also supports the trading of synthetic assets, which are tokenized derivatives that mimic the value of other assets such as stocks and commodities. However, RUNE is still down 87.5% since its all-time high of $20.87 on May 19 last year. Measuring over a broader time frame also shows promising signs, with RUNE gaining 65.9% over the past 30 days, according to data from CoinGecko. The move from THORChain has coincided with a significant 18.6% bounce of RUNE prices to $2.61 over the past 24 hours. Anyone presenting these tokens can mint fresh RUNE, as well as making THORChain’s state dependent on these two networks,” the blog post read. “However, BNB.RUNE and ETH.RUNE has privileged access to the state machine’s ’mint’ function. There are no oracles, no off-shored security, and no reliance on external liquidity.” The team previously stated in a blog post earlier this year that this move was part of a push toward further decentralization of its network, as it highlighted issues with having IOU RUNE spread across two separate networks: “THORChain is extremely strict in having no 3rd party dependencies, preferring to manage everything in-house. If you hold $RUNE in a self-custody wallet, ensure your wallet address begins with `thor1.`- THORChain July 18, 2022 Exchange rates will linearly tick down to 1:0 over the next 12 months. Today, the BEP-2 and ERC-20 $RUNE killswitch will be activated at block 6500000. The THORChain team stated via Twitter on Monday that killswitch will go live at block 6,500,000 and that 1:1 exchange rates will “linearly tick down to 1:0 over the next 12 months” as the IOU Tokens become worthless. #RUNE TOKENS UPGRADE#
Those who keep their tokens in private wallets must create a new wallet supported by THORChain and then click an upgrade button to make the switch. Users who hold their IOU Tokens on centralized changes will have their tokens automatically upgraded to the new native RUNE. Moving forward, these tokens will progressively lose their value over the next 12 months, as the project aims to foster the adoption of its fully unified variant of RUNE, enabling stronger asset interoperability.
Cross-chain exchange and proof-of-bond network THORChain has finally activated the killswitch that will progressively wind down support of the BEP-2- and ERC-20-based variants of the RUNE token.īNB.RUNE and ETH.RUNE, also known as IOU Tokens, are being swapped out for the upgraded and completely native RUNE token after THORChain’s long-awaited mainnet late last month.
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