Cross-chain liquidity protocol THORChain has decided to halt its network, confirming an alleged vulnerability in its mainnet.
THORChain Mainnet Suspended Due to Reports of Potential Vulnerabilities
News of the network being suspended was first announced on Twitter. THORChain recently received reports of a security issue on its network. After confirming the accuracy of the reports, it decided to stop the network as a precautionary measure.
Following the vulnerability reports confirmed by ThorSec and Nine Realms, it was announced on Twitter that the network was stopped.
Impacts of Mainnet Suspension
Although the mainnet suspension was a move to protect users, the company was affected by this move. THORChain’s native token RUNE, fell about 5% following the news. The vulnerability did not affect any node. Approximately 8 hours after the suspension decision, the vulnerability issue was resolved, and the mainnet was restarted.
This is not the first time the mainnet has experienced problems. The THOR Chain main network was suspended in October 2022 due to a software bug. Moreover, in 2021, it suffered a protocol breach, allowing hackers to steal $7.6 million.
About THORChain
Thor Chain is a decentralized cross-chain liquidity protocol founded in 2018. The platform supports an ecosystem of services to integrate the cross-chain network infrastructure. The protocol also uses a native token called RUNE to support its ecosystem.
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