cryptoknowmics.com
|
|
In a recently made announcement, it has been revealed that Thorchain has been attacked and an estimate of $7.6 million to $25.1 million has been stolen. In response to this, the Blockchain protocol has halted the network to deal with the attack.
Thorchain Protocol Pauses Operations Following an Attack on the Blockchain
If the administrators in the Telegram community are to be believed, the loss was initially pegged at about 13K ETH before taking it to Twitter to estimate the attack at 4K ETH. However, it should be noted that it is still not clear whether the social media accounts are run by the same people.
The network administrators wrote in the Telegram group of the community regarding the same which read:
“While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss the return of funds and a bounty commensurate with the discovery.”
They added further and revealed that the funds of the users will be made available when the issue has been resolved and the network resumes, till then it said, the network has been halted.
Knowing Further About Thorchain Protocol
Thorchain is a protocol such as Bitcoin and Etheruem for executing trades of crypto assets across different blockchains without the involvement of a middleman.
This happens through the native token of Thorchain, RUNE, and if you want to shift from Bitcoin to Ethereum, then you will first need to exchange BTC for RUNE and then you will need to exchange RUNE for ETH.
Even though this information has already been provided that the platform is decentralized, this does not mean that Thorchain can not be halted temporarily to encounter glitches and resolve issues.
In addition to this, it should be noted that the Twitter post has given assurance of a more detailed assessment and recovery steps are going to be announced soon.