Home Blockchain When RUNE Just got Hacked on the Thor Blockchain!

When RUNE Just got Hacked on the Thor Blockchain!

RUNE Thorchain

When RUNE just got hacked on the Thor Blockchain.  All protocols will be attacked; all protocols have bugs. It’s about the network being able to defend and recover without sacrificing decentralization. THORChain’s 30 anonymous nodes reacted quickly. The bug was a simple logic error in ETH client parsing, not the TSS routine.

Cross-chain liquidity networks (such as THORChain and Anyswapnetwork) are in this together, advancing the industry towards decentralized. They have their pros and cons, strengths and weaknesses. This is not zero-sum; this is a positive-sum movement.

For the last few months, THORChain’s crypto team has been quietly working on fixing some security flaws found in GG20, pushing back up for review to the public library.

Happy to share and alert all in the industry using protocols that depend on GG20 and above. Life is too short to be owned by gatekeepers. Build the future you want to live in.

Community:  I’ve been watching the node operators and developers for THOR Chain coordinate their work on Discord during the hack. I’m really impressed with how they handled the hack. Please do not underestimate how hard it is to run a node… They deserve every single RUNE they get.

THORChain proved its resilience and became stronger. THORChads proved the power of community and owned stronger convictions. Keep building, Keep rocking.

Thorchain turns exploits into a bullish event. Within 30 min. >66% of nodes reacted and ensured the minimal loss of funds. Only 140k was lost. This is why having skin in the game matters. Nodes are heavily incentivized, due to bonding RUNE, to protect the network at all times.

THOR CHAIN:  The best and fastest response to a hack ever in the entire history of Defi Facts: – Only 140k lost – Team responded in 30 mins – Price hardly budged. We are back to a local high of 6.50 – Nodes quickly deploy fixes so that network resumes operations.

It got stolen out of the Eth pool (someone wrote a smart contract spoofed an Eth deposit but didn’t send anything). They’re covering losses from the treasury, I assume.

Wasn’t it 140k because that was all that was in the wallet? If it was 20 mil in there, would it have only been 140k?  No, there’s 16.5m in the pool.

What are the 5 THORFi features? THORFi Features: 1) Cross-chain liquidity pools 2) Synthetic assets 3) Cross-chain savings account 4) Cross-chain lending 5) Composite assets.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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