Skip to main content

Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits

Thorchain, a popular defi protocol, has been compromised twice in the last two weeks, resulting in losses of over $10,000,000. The hacker responsible for the latest exploit left behind a message detailing the measures that should be undertaken to protect users.

Hacker Returns to the Scene to Lecture on Security

In another blow against the Thorchain protocol, the defi network has found itself the victim of another hack after the equivalent of 4,000 ethereum (ETH) was stolen just days earlier. Thorchain, which features an automated market maker (AMM) and decentralized exchange (dex), is known for its liquidity pooling, with total value locked (TVL) currently around $101.75 million.

This time, the attack was perpetrated against the ETH Router contract to target the Thorchain Bifrost component, resulting in more than $8 million in losses for the protocol. According to the hacker allegedly behind the move, the vulnerability was known before the latest attack and was entirely preventable.

When using Solidity, the Ethereum smart contract coding language used in the protocol, programmers advise developers against using certain coding methods to transfer funds. However, this was allegedly overlooked by the team in charge, leading to an issue within the protocol’s native RUNE token’s contract code.

The hacker behind the exploit was not quick to leave the crime scene. Instead, the malicious actor left behind a message effectively trolling the protocol. In tx input data, the hacker pointed out the following:

The hacker laid bare all the steps that were required to engage the exploit, highlighting the protocol’s decision not to issue bounties or engage auditors to check code that currently oversees a nine-figure TVL. While the protocol developers initially believed the hack cost them only $800,000 and was the work of a whitehat hacker, the following amounts were actually stolen:

  • 966.620 ACLX
  • 20,866,664.530 XRUNE
  • 1,672,794.010 USDC
  • 56,104.000 SUSHI
  • 6.910 YFI
  • 990,137.460 USDT

RUNE tokens have continued their decline after dipping close to 25% following the breach, with tokens currently trending around $4.17. While Thorchain has since issued a recovery plan to restore user funds lost to the attack, the more significant development was the decision to hire security firms to audit the code and defend the defi protocol against future, preventable exploits.

What do you think of this “honest hacker”? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3zyyJKa
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more