‘Unstoppable’ Crypto Exchange Halts Trading After $10 Million Theft
THORChain, a decentralized crypto exchange, has halted trading following a theft of approximately $10 million in crypto assets. The incident involved unauthorized transactions linked to a vulnerability in the protocol's signature scheme. Despite the halt, THORChain claims that end user funds were not affected by the breach.
- ▪THORChain's trading was paused after a suspected exploit led to the theft of around $10 million worth of crypto assets.
- ▪The vulnerability was associated with the protocol's threshold signature scheme, allowing unauthorized transactions from its vault.
- ▪The automated systems of THORChain detected abnormal behavior and triggered emergency measures to contain the damage.
Opening excerpt (first ~120 words) tap to expand
THORChain, a decentralized crypto exchange protocol that functions as a meta layer across multiple blockchains, halted trading on Friday after a suspected exploit resulted in the theft of roughly $10 million worth of crypto assets. The project enables cross-chain swaps of native tokens without wrapping them, which THORchain claims to be a more secure method of trading assets between different blockchains. Funds on multiple blockchains are said to be affected in the incident. Notably, the THORChain team has often described the protocol in communications as unstoppable, and one of the most popular wallets used with it carries the name Unstoppable…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Gizmodo.
Discussion
0 commentsMore from Gizmodo
