A popular project from the space of decentralized finance, THORChain, lost, according to preliminary estimates, 4,000 ETH ($7.7 million) in equivalent as a result of a hacker attack. Initially, a loss of 13,000 ETH was reported.
"Although we have enough assets in our reserves to cover the stolen amount, we ask the organizer of the attack to contact the team to discuss a refund and payment of an adequate reward for detecting the vulnerability," the THORChain community administrator wrote on Telegram.
Users, including node operators, liquidity providers and traders, are promised to provide compensation after the problem is fixed and activity in the network is resumed. Due to the attack, operations in it were suspended based on the consensus of the node. According to the June reports of the project, there are about $109 million in its reserves.
THORChain is engaged in creating a decentralized liquidity protocol that allows exchanging assets of various networks among themselves without having to transfer them to third parties, such as centralized exchanges. The current implementation of the THORChain network is called "Chaosnet". As the name suggests, this is an experimental version that may not be as reliable as the main network.
"Although THORChain is a decentralized network, Chaosnet uses some precautions that will be removed after the network proves its reliability and security. After that, it will immediately receive the status of the main network, " the developers wrote at the time of the Chaosnet release in April.
On Wednesday, they reported on the elimination of another vulnerability, which they were helped to identify by "white" hackers. Then the losses were avoided. They also announced in Discord that they have already found the cause of the latest attack and have begun to eliminate it. Thorchain's own RUNE token fell by 18% against the background of today's incident. Now RUNE ranks 66th in the list of the largest crypto assets with a capitalization of $1.1 billion.