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THORChain Discovers Potential Vulnerability, Halts Trading for Investigation

1 min
Updated by Kyle Baird
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In Brief

  • THORChain stated that it is looking into reports of a possible vulnerability.
  • The liquidity platform is currently evaluating and verifying the veracity of the claims.
  • RUNE is trading at around $1.30 at the time of press after losing 5% value in 24 hours.
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THORChain stated that it is looking into reports of a possible vulnerability in Tuesday’s announcement to the public.

It said trading had been suspended out of caution while the platform conducts an inquiry. THORChain is currently evaluating and verifying the veracity of the claims.

THORChain Temporary Halts Network

With more updates to follow, THORChain is yet to reveal information about the bug that could have left the chain exposed. Meanwhile, it has temporarily suspended trading to avoid any potential loss of funds.  

According to XDEFI Wallet, users could still use other providers to utilize the wallet’s swap and bridge services.

THORChain is a decentralized liquidity network that enables non-custodial cross-chain swaps. In the past 24 hours, RUNE, the platform’s native token, has lost over 5% in value.

RUNE was trading at around $1.30 at the time of press. Notably, this isn’t the first instance that THORChain has halted its blockchain.

RUNE USD Trading Pair on TradingView
RUNE USD Trading Pair on TradingView

Previous SNAFUs

The PoS-based THORChain stopped operations in October last year because of a “unique transaction type.” It explained that consensus halts in a distributed state machine result from sources of non-determinism between individual nodes. Before the state machine is re-started, operations are stopped to prevent the ledger from becoming tainted.

The outage lasted for a massive 20.5 hours.

The chain’s caution comes after two multi-million breaches it suffered in July 2021. It lost close to 4,000 ETH in one of the exploits, estimated to be around $7 million at current price levels. Another attack was reportedly on the ETH Router, costing the chain massively. 

The chain halted operations both times for peer review by audit partners.

On the DeFi front, the chain has $112.94 million in total value locked based on data by DefiLlama.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.