$ 1,149.99 2.63%
$ 35.74 4.70%
$ 0.067320 3.49%
$ 5.09 4.44%
$ 20,357.00 1.78%
$ 228.96 2.04%

THORChain approves two security audits


TL;DR Breakdown

• THORChain has carried out two security audits following the July exploits.
• THORChain has recovered successfully from cyber-attacks.

THORChain protocol has recovered from the constant attacks it has suffered from hackers. After its big launch, the blockchain protocol for exchanging cryptocurrencies suffered 2 attacks in the summer.

In July, these two exploits committed millions of dollars from users and had to go to different audits to test their security. The company stated on Thursday that it received positive approval in its latest audits.

These audits were carried out by two recognized cybersecurity companies, such as Trail of Bits and Halborn. The audits were done simultaneously, allowing the company to recover satisfactorily.

THORChain protocol recovers from cyber-attacks


DeFi has been under constant attack from hackers. And after THORChain big launch, this exchange company couldn’t save itself from cybercriminals.

THORChain is a decentralized liquidity protocol where users can exchange cryptocurrencies easily and comfortably. They can carry out transactions on many networks with complete freedom. The audits allowed the company recovery strategy with 5 steps.

The first exploit was for $7.6 million Ether. A week later, a hacker stole $8 million in ETH. The cybercriminal asked for 10 percent of the stolen amount to return the money.

The partners and collaborators of the exchange have commented that the protocol is 100 percent operational. After a reboot, this has become possible to bring mainstream digital asset integrations and trading functionality back between chains.

But the protocol partners have commented that they have commissioned a rewards program from the company Immunefi. This is an industry-leading bug bounty platform for DeFi. With this program, they can identify new weaknesses or vulnerabilities in the protocol.

A revolutionary platform already operational

This protocol is available 24 hours a day, with support available. It offers you a decentralized and resistant service ideal for all investors. The cryptocurrencies exchange will be much faster when using the platform wallets.

At the beginning of this year, the protocol was launched, providing a great stir in the market. They marked an important evolution in the different decentralized exchanges. However, THORChain suffered two major security attacks that affected millions of platform users in July despite its huge launch.

The 2 attacks caused the platform to go through a horrible month, where some of its supporters called for a slowdown on the project. The representatives have commented that the 2 security audits are a great relief for the platform and can now operate safely for their clients.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

Chainlink price analysis: LINK rejected at $7.00, falls below $6.50 support
Traderpowers review 2022
Bitcoin, Ethereum, Polygon, and Stellar Daily Price Analyses – 28 June Roundup
Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records