Fun

Thorchain Trolled by Hacker After Two Successful Seven-Figure Exploits

News Feed - 2021-07-27 08:07:46

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. Kubernetes Clusters Used to Mine Monero by Attackers NEWS | 15 hours ago Tesla Q2-2021 Earnings Call to Shed Light on Its Bitcoin Holdings NEWS | 17 hours ago Tags in this story Blockchain security, cryptocurrency stolen, DeFi, Hacking, Solidity, Thorchain


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ana Paula Pereira9 hours agoBitget and crypto influencer embroiled in legal saga after Reel Star token listing fiascoEvan Luthra says Bitget froze his account in April. The exchange claims it was done on suspicions of ma
Physical version of gold-backed token replaces Zimbabwe dollar
Derek Andersen3 hours agoPhysical version of gold-backed token replaces Zimbabwe dollarThe country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than it
Bitcoin Price Stuck In A Loop? Here’s Why $87,000 Could Be Crucial
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
AAVE Faces Major Price Drop As TD Sequential Signals Sell – Details
Este artículo también está disponible en español. The Aave (AAVE) market suffered significant losses in the past week as price declined by 17.07% according to data from C
Samurai, Get Ready to Slash Yōkai Souls Again in Nioh 2 Open Beta
Critical smash-hit Nioh"s sequel has an open beta coming in November. | Source: PlayStationFresh off releasing a new trailer at the Tokyo Game Show, developer Team Ninja has announc
Fed’s Outgoing Vice Chair Richard Clarida’s ‘Rebalancing’ Trades Ignite Fed Trading Ethics Scandal
Fed"s Outgoing Vice Chair Richard Clarida’s "Rebalancing" Trades Ignite Fed Trading Ethics Scandal Members of the U.S. Federal Reserve are getting criticized this week after the
Paypal Launches Business Unit Dedicated To Cryptocurrency
Paypal Launches Business Unit Dedicated To Cryptocurrency Paypal is launching a new business unit dedicated to cryptocurrency services, the company chief executi
Spin to Win 10,000 Free Rounds in the Latest Tournament from Bitcoin Games
Spin to Win 10,000 Free Rounds in the Latest Tournament from Bitcoin Games Win from a prize pool of 50,000 Free Spins in the newly launched tournament by Bitcoin
Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop
Zoltan Vardai13 hours agoBiggest Friend.tech whale dumps tokens as users struggle to claim airdropThe largest Friend.tech whale has sold all their holdings, causing the new token to fall over 50% in value while other use
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017"s Forking FiestaSince the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have
Helen Partz10 hours agoProShares announces launch of short Ether-linked ETFProShares’s new Short Ether Strategy ETF is set to start trading on the NYSE Arca under the ticker symbol SETH.1718 Total views11 Total sharesL
CFTC announces $1.8M settlement against brokerage firm FalconX
Turner Wright2 hours agoCFTC announces $1.8M settlement against brokerage firm FalconXThe regulator reported the firm voluntarily improved its practices after the CFTC’s civil suit with Binance and its former CEO Chang