THORChain, a cross-chain liquidity protocol, has halted operations on its network in response to fresh allegations of a potential security flaw.
On March 28, THORChain announced on Twitter that all trade had been suspended due to reports of a potential vulnerability with a THORChain dependency that could impact the network.
According to THORChain, the choice was made as a precaution while the reports were being investigated.
After claims on social media that THORChain’s liquidity platform Nine Realms and the specialized security team THORSec had obtained “reliable reports” of a potential vulnerability impacting THORChain, the statement was made. Then, the THORChain network supposedly came to an end everywhere.
According to a tweet from Nine Realms, the network has been preemptively suspended by NOs to look into the report.
THORChain, established in 2018, is a decentralized cross-chain liquidity protocol enabling users to exchange assets between several blockchain networks without centralized exchanges. Currently, the settlement layer of THORChain allows for swaps between eight different chains, including bitcoin, ethereum, binance chain, avalanche, cosmos hub, dogecoin, litecoin, and bitcoin cash.
On the network of the THORChain, the most recent pause is by no means the first. A software flaw that led to “non-determinism amongst individual nodes” suspended the network in October 2022. After 20 hours of repair, the network was restarted and completely operational.
Following a protocol breach in 2021 that resulted in hackers stealing $7.6 million worth of cryptocurrency, THORChain also shut down its network.
The browser claims that while miners create blocks, they do not create transactions.
The RUNE token’s price dropped to $1.33 over the past 24 hours, a 4.8% reduction, according to CoinGecko. The decline generally tracks the market trend. Over this time, the price of bitcoin has dropped by 2.5%, while the market value of all cryptocurrencies has plummeted by 2.2%.
The assets restricted by the protocol are worth $113.8 million. In one day, the indicator lost 3.82%. (DeFi Llama).
Recall that the project’s mainnet was introduced in June. The network was shut down a month later due to several hacker attempts.