THORChain network resumes following 20-hour chain halt
The network was halted on Oct. 27 after the team said a bug had caused “non-determinism between individual nodes.” Cross-chain exchange and proof-of-bond network THORChain announced it was once again “fully operational” after a more than 20-hour outage.In an Oct. 28 tweet, the THORChain team said the network was “back online and producing blocks” and had re-enabled trading. The network was halted on Oct. 27 after the team said a bug had caused “non-determinism between individual nodes.”“Turns out to be string manipulation: code was pushing a cosmos.Uint (instead of a uint64) into a string,....
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The ThorChain network remains halted after the protocol suffered a hack in which the perpetrator is estimated to have made off with $7.6 million in crypto assets. Popular cross-chain decentralized exchange, ThorChain, has suffered a multimillion-dollar breach.Estimates as to the scale of the damage vary, with ThorChain revising the initial estimate that 13,000 ETH (worth $25.1 million) had been stolen down to 4,000 ETH (roughly $7.6 million) as a ballpark for damages. At this stage the estimate is around ~4000 ETH worth of assets (ETH/ERC20) was taken, not 13k ETH. More detailed assessment....
The team stated that the next steps were to find the source of the non-determinism, release an update, and restart the state machine, but there have been no updates since. Cross-chain exchange and proof-of-bond network THORChain was halted earlier today as the result of a bug causing “non-determinism between individual nodes."At around 8 pm UTC, the THORChain team initially tweeted that developers were aware of a chain outage and were working to find the root cause of the issue. Roughly four hours later, the team posted a further update noting that “consensus halts in a distributed state....
Just recently, Shapeshift founder and CEO Erik Voorhees published a blog post about a new project called Thorchain, a protocol that allows for decentralized exchanges without wrapping or bridging technology commonly used today. Thorchain launched on April 13, 2021, and the Shapeshift founder recently revealed his company is the first to leverage the multi-chain protocol in order to provide decentralized swaps in a noncustodial fashion. Shapeshift Leverages Thorchain for Multi-Chain Unwrapped Swaps Back in September 2018, the popular trading application Shapeshift changed its business model....
According to THORChain’s treasury report for Q1 2022 released on April 1, the chain registered a growth in revenue despite the twofold impact of persistent market sluggishness and highly unstable geopolitical factors. Public data shows that THORChain recorded $2.17 billion in revenue in Q1 2022. THORChain, acclaimed as the “cross-chain version of UniSwap”, gained a foothold in the cross-chain trading market relying on its unique advantages and earned extensive recognition among investors. Behind all these glamours, THORChain is also deeply troubled by hacking. The chain suffered frequent....
DeFi has become a popular attack vector for cybercriminals. After a highly ambitious launch, THORChain suffered two major exploits in July. Cross-chain liquidity protocol THORChain has fully recovered from two summer exploits that compromised millions of dollars in user funds after the company announced Thursday that it had received passing grades in a new security audit. The simultaneous audits, which were carried out by cybersecurity companies Trail and Bits and Halborn, allowed THORChain to implement a five-step recovery plan. THORChain’s contributors now say the protocol is fully....