Cryptocurrency News

THORChain Network Suffered a Second Hack Within a Month

In an important development related to the attack on its platform, THORChain has communicated that contrary to the initial estimate that pegged the loss to 13,000 ETH, the real loss suffered by the platform is way less at around 2500 ETH. The discrepancy in the loss figure suggested initially by the arbitrageurs can be attributed to the price manipulations. However, now THORChain has clarified that it is less than what initial estimates suggest. This has certainly come as a breather for many investors who will find solace in this development.

It’s important to highlight that this is the second attack that THORChain has suffered in this particular month. This has brought the platform’s reputation under serious doubt as getting hacked twice in a month is not a good proposition. During the attack, the hacker broke into the system and pulled a robbery equivalent to 13,000 ETH. Since the attack took place, the platform has constantly communicated with investors and ensured them that the platform has all the money to compensate for their losses. Simultaneously, THORChain has even requested the attacker to contact the platform and discuss the possibility of returning the looted amount in exchange for the money.

Currently, all activities on the network have been halted as developers started investigating the extent to which hackers have exploited the platform. Developers have said that they have been able to identify the gap in the platform’s security successfully. Now it is being plugged in to ensure that no such incident will be repeated in the future.

Another interesting fact to the whole story is the huge amount of slip fees paid by the attacker, which was captured by the nodes of the system. According to the platform, this money is large enough not only to compensate for the losses but also to power the future development of the platform.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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