Possible ‘white hat hacker’ exploits THORchain for $8M, proposes 10% bounty

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Cross-chain decentralized alternate THORChain has suffered its second multi-million-dollar hack in as many weeks, with $8 million price of Ether impacted.

Nevertheless, the assault seems to have been carried out by a white-hat hacker, with THORChain asserting the perpetrator had requested a ten% bounty. ETH will probably be halted till the code has been audited.

Liquidity suppliers impacted by the exploit will probably be backed utilizing the venture’s treasury funds

The alternate — which continues to be in the midst of a staged beta launch referred to as Chaosnet — conceded that the “complexity” of its state machine includes THORChain’s “Archille’s heel,” nevertheless asserted that its points “will be solved with extra eyes on, in addition to a re-think in developer procedures and peer-review.”

A screenshot shared from the venture’s Discord discussion board seems to indicate a message forwarded to the venture by the hack through transaction knowledge.

The hacker claims they intentionally minimized the injury from the exploit in a bid to show THORChain a lesson, stating: “Don’t rush code that controls 9 figures,” and “Disable till audits are full.”

The hacker provides that they may have stolen Ether, Bitcoin, Binance Coin, Lycancoin, and plenty of BEP-20 tokens if they’d wished to, asserting that “a number of crucial points” had been discovered and {that a} 10% bug bounty might have prevented the incident.

On July 16, Cointelegraph reported that THORChain had been halted after 4,000 Ether price $7.6 million was drained from the protocol. The protocol unsuccessfully proposed a bug bounty to the hacker in alternate for returning the stolen funds.

Associated: ChainSwap announces compensation and ‘deep audit’ plan after $8M exploit

The decentralized alternate additionally misplaced $140,000 in a separate exploit suffered final month.

THORChain entered into its guarded “Chaosnet” launch in April, enabling cross-chain swaps throughout the Bitcoin, Ethereum, Litecoin, Bitcoin Money, and Binance Chain networks.