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On Thursday, Thorchain suffered an attack resulting in the loss of about 4,000 ETH from the trading protocol, less than 13,000 ETH as previously suspected. https://twitter.com/AndreCronjeTech/status/1415909394643132417 What happened was ETH Bitfrost was tricked using a custom wrapper to read a deposit amount of 200 when it was actually zero. “The attacker paid huge slip fees, approx $1.4m was captured by nodes, with further $1.4m by ERC20 LPs. Only users affected are ETH LPs, and they will be made whole. So despite the exploit, Nodes, LPs, and Arbers will stand to profit considerably,” noted @Thorchain on Twitter. https://twitter.com/bantg/status/1415818509137989632 The community developers discovered the issue and anonymous nodes reportedly voluntarily stopped their nodes. With 1/3rd of the nodes halted, the network got paused. Explaining just how the decentralized system got halted, Thorchain said that it is decentralized with certain thresholds that require 67% of 38 nodes to run and gets halted if 33% of 38 nodes halt.
“These nodes are anonymous and anyone can become one (with minimum bond amounts). No individual (or minority) can affect the system."The loss of about $5 million will be borne by the Thorchain treasury, which will be distributed to the ETH liquidity providers. The team is already working on the recovery plan with a fix for the bug already released and approved. Now, lost funds will be restored, an automatic-solvency checker will be released, and the team will work with security firms for audits. While a disappointing event, the Thorchain team noted that it would only make the network “stronger and more resilient.” https://twitter.com/Bitcoin_Sage/status/1415934920980058113 The news of the exploit and in tandem with the weakness in Bitcoin and the broad cryptocurrency market has sent the price of RUNE crashing by 20% in the past 24 hours. As of writing, RUNE is trading at $4.61, down nearly 78% from its all-time high of $20.87 two months back. [deco-beg-single-coin-widget coin="RUNE"]