“White Hat Hacker” Allegedly Exploited THORChain For $8M

A white hat hacker allegedly exploited THORChain for $8 million and demanded a 10% bounty as he claims to have minimized the damage in order to teach the platform a lesson so let’s read more in our latest cryptocurrency news today.

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.
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Liquidity providers impacted by the exploit will be subsidized using the treasury funds of the project. The exchange is still in the middle of a staged beta launch called Chaosnet and conceded that the complexity of the state machine comprised THORchain’s weak point but stated that its issues can be resolved with more eyes on board as well re-think in developer procedures and peer review.

THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat.

ETH will be halted until it can be peer-reviewed with audit partners, as a priority.

LPs in the ERC-20 pools will be subsidised.

— THORChain (@THORChain) July 23, 2021

The screenshots from Discord’s forum seem to show a message forwarded to the project by the hack via transaction data. The hacker claims they deliberately minimized the damage from the exploit just so they can teach the platform a lesson:

“Do not rush code that controls 9 figures,” and “Disable until audits are complete.”

The hacker added that he could have stolen BTC, ETH, and Binance coin as well as other BEP-20 tokens if they had wanted to, asserting that multiple critical issues were found and that a 10% bug bounty could have prevented the entire incident. As reported recently, THORChain was halted after 4000 Ether worth $7.6 million was drained from the protocol. The protocol proposed a bug bounty to the hacker in exchange for giving back the stolen funds. The DEX also lost $140,000 in a separate exploit suffered a month ago. THORChain entered into the “Chaosnet” launch in April and enabled cross-chain swaps across BTC, ETH, Bitcoin Cash, LTC, and Binance Chain networks.

As recently reported, THORChain is a protocol for cross-blockchain swaps, and a few days ago, its bridge to Ethereum took a hit. The decentralized liquidity protocol for trading crypto across blockchains promised via Twitter that the users affected by the $5 million hacks will be fully compensated. The network was paused by nodes on Thursday after an attack that ended up in 13,000 ETH being taken. THORChain later took to Twitter to downgrade the figure to $7.6 million worth of ERC20 tokens which are tokens on the ethereum blockchain but then they revised the total to $4.9 million.