THORChain Shakes Off Recent Attacks with 39% Rally
THORChain has suffered a wave of attacks over the last few weeks, but RUNE is showing signs of recovery.
THORChain Makes Major Rally
THORChain is soaring.
The project’s RUNE token is up 39% in the last 24 hours, currently trading at $5.79. Although RUNE is still 72.1% off all-time highs, it’s a notable recovery given the recent wave of exploits THORChain has suffered.
THORChain is a cross-chain interoperability protocol for exchanging between tokens like BTC and ETH. RUNE is used as a medium of exchange on the platform. It was hit by an $8 million exploit last week when an attacker tricked the project into making a refund for assets that hadn’t been deposited. The attacker left a note in the transaction’s input data claiming that they could have taken more assets and urged the team to focus on improving its security. It read:
“Disable until audits are complete
Audits are not a nice to have
Do not rush code that controls 9 figures”
Only a week before that, the protocol’s ETH liquidity providers suffered losses of about $5 million in similar circumstances. The protocol was also hit by an incident in late June, though that time the losses amounted to only $140,000.
After the latest incident, THORChain confirmed that it would halt its network chain and conduct additional security audits. The team has been active on social media, yesterday confirming that it had hosted 20 white hat hackers for a THORChain “code walkthrough.”
The project has also received support from many prominent figures in the space, including ShapeShift’s Erik Voorhees and Delphi Digital’s Tom Shaughnessey.
RUNE dropped to a low of around $3.53 following last week’s attack. Though the network is still paused, the project’s native token seems to have made a solid recovery, rising 64%.
With RUNE trading at $5.79, THORChain’s market cap is currently $1.56 billion.
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article