THORChain Temporarily Halts Network Operations Amid Possible Breach

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THORChain Temporarily Halts Network Operations Amid Possible Breach
Credit: © Reuters.

  • THORChain stated the move was made out of an abundance of caution.
  • The value of THORChain’s native token Rune has dropped by about 5.27% in last 24 hours.

In light of recent concerns about a possible network vulnerability, THORChain has temporarily suspended network operations. Following concerns of a possible vulnerability with a THORChain dependency that may harm the network, THORChain went to Twitter on March 28 to say it has paused all trade. THORChain stated the move was made out of an abundance of caution while they confirmed the claims.

The disclosure was made after reliable reports of a possible vulnerability in THORChain were received by the liquidity platform Nine Realms and the specialized security team THORSec, according to social media postings. It has now been claimed that the THORChain network has been shut down throughout the world.

Rune Price Takes a Hit

CMC (NS: CMC ) statistics show that in light of the announcement, the value of THORChain’s native token Rune has dropped by about 5.27%. The coin has lost 18% of its value in the last 30 days, trading at $1.31 at press time.

THORChain was launched in 2018 and is a cross-chain liquidity protocol that eliminates the need for centralized exchanges when trading assets across blockchains. Swaps may be made between Bitcoin , Ethereum , BNB Chain, Avalanche , Cosmos, Dogecoin , Litecoin , and Bitcoin Cash on the settlement layer of THORChain.

This current network outage on THORChain is far from the first. In October of 2022, a software glitch resulting in “non-determinism between individual nodes” caused the network to be shut down. After 20 hours of repair, the network was back up and running normally. THORChain also shut down its network in 2021 after hackers stole $7.6 million in cryptocurrency and compromised the system.

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