Cross-chain crypto trading platform ThorChain suffered an attack that drained about 4,000 Ether (ETH). ThorChain has halted the network to deal with the hack, which brought an estimated loss of $7.6 million.
At the time of writing (16 Jul, 10:45 AM, GMT+8), ThorChain’s native token RUNE is trading at $4.98, down 15.1% over the previous 24 hours.
ThorChain is a decentralized liquidity network with an interoperable blockchain that allows cross-chain token swaps in a non-custodial manner. It allows users to swap cryptocurrencies, such as BTC and ETH, across various Layer 1 blockchains. Simply put, to swap Bitcoin to Ether through ThorChain, for example, you would swap BTC for RUNE, then RUNE for ETH.
Administrators in Thorchain’s Telegram group initially estimated the loss at about 13,000 ETH ($25.1 million). Later, Thorchain community’s Twitter revised the estimate to “~4,000 worth of assets (ETH/ERC20).”
Jack Dorsey: Square Will Launch Bitcoin DeFi
“While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss return of funds and a bounty commensurate with the discovery,” the administrator wrote on Telegram.
Payment firm Square is creating a new business line to help developers build decentralized financial (DeFi) services focused on Bitcoin.
Jack Dorsey, CEO of both Twitter and Square, tweeted that Square is “building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.” Previously, he said Square is developing a hardware wallet for Bitcoin.
Digital payments company Square has three businesses: Cash App, Square Seller, and the music-streaming service Tidal. The Bitcoin-focused DeFi business will go with Tidal and Cash App.