THORchain protocol is under attack and millions of cryptocurrency stolen
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Answer THORchain protocol is under attack and millions of cryptocurrency stolen
A few days ago, we reviewed the Arab Bitcoin, the Thorchain crypto project We explained how it works The most important uses of its digital currency, RUNE.
Project Thorchain was attacked hours ago that drained millions of cryptocurrencies from the protocol.
Officials in the “Telegram” group initially estimated the loss at about 13,000 ETH (about $25.1 million), after which it was later reported on Twitter The attack damaged about 4,000 cryptocurrencies built on the ETH/ERC20 standard.
At this point, the estimate is around 4,000 ETH in assets (ETH/ERC20), not 13k ETH.
More detailed evaluations and recovery steps will be announced soon.
Read:Switzerland grants first banking license to allow cryptocurrency
Users who have experienced (LPs) will become full in the coming weeks.
– THORChain #ACTIVATETHESYNTHS⚡️ (THORChain) July 15 2021
This means that the project team update reduced the severity of the attack to just over $7.6 million at today’s prices.
It is unclear whether the social media accounts are operated by the same people.
The project administrators wrote in the Telegram group:
The project treasury has the funds to cover the stolen amount, we ask the attacker to contact the team to discuss the possibility of returning the stolen funds and offer a reward commensurate with the vulnerability discovered.
THORchain is based on the dual swap which adds an extra step of verification and helps ensure that Thorchain remains decentralized.
Decentralized finance, or DeFi, is the umbrella term used for blockchain-based protocols that can conduct complex financial transactions such as loans and exchanges without intermediaries.
Although the project is decentralized, this does not mean that Thorchain cannot be closed temporarily.
In a statement posted on Twitter, it stated that a more detailed assessment and steps for recovery would be announced soon.
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