THORChain has suffered a wave of attacks over the last few weeks, but RUNE is showing signs of recovery.
THORChain Makes Major Rally
THORChain is soaring.
The project’s RUNE token is up 39% in the last 24 hours, currently trading at $5.79. Although RUNE is still 72.1% off all-time highs, it’s a notable recovery given the recent wave of exploits THORChain has suffered.
THORChain is a cross-chain interoperability protocol for exchanging between tokens like BTC and ETH. RUNE is used as a medium of exchange on the platform. It was hit by an $8 million exploit last week when an attacker tricked the project into making a refund for assets that hadn’t been deposited. The attacker left a note in the transaction’s input data claiming that they could have taken more assets and urged the team to focus on improving its security. It read:
“Disable until audits are complete
Audits are not a nice to have
Do not rush code that controls 9 figures”
Only a week before that, the protocol’s ETH liquidity providers suffered losses of about $5 million in similar circumstances. The protocol was also hit by an incident in late June, though that time the losses amounted to only $140,000.
After the latest incident, THORChain confirmed that it would halt its network chain and conduct additional security audits. The team has been active on social media, yesterday confirming that it had hosted 20 white hat hackers for a THORChain “code walkthrough.”
The project has also received support from many prominent figures in the space, including ShapeShift’s Erik Voorhees and Delphi Digital’s Tom Shaughnessey.
Overwhelming support to enhance @THORChain
– @trailofbits audit
– @HalbornSecurity audit + 6 FT engineers
– @immunefi bug bounty program @ninerealms_cap ($500K program)
– Insurance planned @NexusMutual, @CoverProtocol, @riskharbor, @riskharbor
– Everyone’s eyes on the code
— Tom Shaughnessy 🦉 (@Shaughnessy119) July 28, 2021
RUNE dropped to a low of around $3.53 following last week’s attack. Though the network is still paused, the project’s native token seems to have made a solid recovery, rising 64%.
With RUNE trading at $5.79, THORChain’s market cap is currently $1.56 billion.
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies.
