THORChain has once again halted its network, taking action as a precautionary measure while verifying reports on a potential network vulnerability. 2478 Total views 16 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT Cross-chain liquidity protocol THORChain has paused its network due to new claims of a potential network vulnerability.
THORChain took to Twitter on March 28 to announceit has halted all trading amid reports of a potential vulnerability with a THORChain dependency that may affect the network. The decision was taken as a precautionary measure while the reports are verified, THORChain said.
The announcement came soon after social media reports indicated THORChains liquidity platform Nine Realms and the dedicated security team THORSec received credible reports of a potential vulnerability affecting THORChain. The THORChain network has reportedly been subsequently halted globally.
**THORChain Globally Halted**@ninerealms_cap and THORSec have received credible reports of a potential vulnerability affecting @THORChain. Out of an abundance of caution, steps have been taken to halt THORChain globally.
Stand by for more information.— Pluto (9R) ?? (@Pluto9r) March 28, 2023
Network preemptively paused by NOs to investigate the report; updates will follow, Nine Realms tweeted.
Amid the news, THORChains native token Rune (RUNE) has tumbled about 5%, according to data from CoinGecko. At the time of writing, the token is trading at $1.32, down 18% over the past 30 days.
Founded in 2018, THORChain is a decentralized cross-chain liquidity protocol that allows users to swap assets between different blockchain networks without using centralized exchanges. THORChains settlement layer currently offers swaps between eight chains, including Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos, Dogecoin, Litecoin and Bitcoin Cash.
Related: DeFi exploits and access control hacks cost crypto investors billions in 2022: Report
The latest halt on THORChains network is not the first. The network was paused in October 2022 due to a software bug causing non-determinism between individual nodes. The network resumed and became fully functional after 20 hours of maintenance.
In 2021, THORChain also halted its network after the protocol suffered a breach, with hackers stealing $7.6 million in crypto assets.
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