THORChain Recovers 36% After Last Week’s Million-Dollar Hack

THORChain recovers 36% after falling to a critical level due to the multi-million dollar hack that we reported about a week ago so let’s read more in our latest altcoin news today.

July was quite the volatile month for the THORchain defi project. In the past two weeks, the token of the project crashed due to two major hacks which saw its native token RUNE drop from $7.61 to below $4. In the second exploit, the attacker left a note that they could make off with much more but they wanted to “teach the platform a lesson” to the developers. The team scrambled to gather more reviews from their audit partners like Trail of Bits and Halborn Security and launched a $500,000 bug bounty program with ImmuneFi and make further plans to establish insurance measures for any breaches in the past.

Overwhelming support to enhance @THORChain

– @trailofbits audit
– @HalbornSecurity audit + 6 FT engineers
– @immunefi bug bounty program @ninerealms_cap ($500K program)
– Insurance planned @NexusMutual, @CoverProtocol, @riskharbor, @riskharbor
– Everyone’s eyes on the code

— Tom Shaughnessy 🦉 (@Shaughnessy119) July 28, 2021

They reported that they hosted over “20 white hat security specialists for the THORChain code” saying that there are more super coders working on security than there are core developers building. With so many working on the code, investors seem more confident in the project’s security. That’s why we can see THORChain recovers 36% in the past 24 hours making it the biggest gainer in the top 100 cryptos.

THORchain is a decentralized exchange similar to Uniswap but it is built on the cosmos blockchain. By using Cosmos’ multi-chain capabilities, it allows the traders to swap crypto even if they are not the same token standard.
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This is easily possible without THORchain but you would need the help of a custodian in any other way. The DeFi project instead allows for a decentralization of the exchange via its “Chaosnet” capability that was launched in April. Chaosnet however as the primary vulnerability behind the latest attacks with some commentators saying that the feature was rolled out too fast. ShapeShift founder Erik Voorhees said:

 “The project needs to slow down. Time to take the tortoise strategy.”

After pausing the network and recipient it seems that the new strategy paid off well. As reported recently, Cross-chain DEX ThorChain suffered a multi-million dollar hack in the past few weeks with $8 million of Ether impacted. However, the attack was carried out by a white-hat hacker with ThorChain announcing that the attacker requested a 10% bounty. ETH Will be halted until the code was audited.