THORchain Suffers an $8 M Attack By a White Hat

by in Blockchain News

THORchain attacked

Decentralized liquidity protocol THORchain became the target of cybercriminals. For the third time in the course of a month, the protocol was attacked.

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As the team informs via Twitter the hack that took place on July 23, was a white hack, where the attacker willingly caused less damage. THORchain was exploited for $8 M. The hacker managed to show the network as if they had deposited several funds and got a refund.

Thus, the total losses of the protocol in a month reached $13 M.

In late June, the network suffered a $140,000 attack and later another attack of $5 M. According to the note left by the hacker, their intention was to point out THORchain's vulnerable parts.

In particular, they wrote in the input data field that they could have seized more coins, among them BTC, Ether, and BNB. In their words, they aimed to teach a lesson and give some technical advice.

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On Twitter, THORchain admitted that there was a “sophisticated attack”.

The platform informed that the hacker requested a 10% bounty of the stolen capital and that the treasury is able to cover the exploit. THORchain announced halting the network and coming back stronger.