The accident didn’t come, Thorchain was attacked by Whitehat and mined for $ 8 million

Jul 23, 2021

Thorchain was hit by another mining attack, this time around $ 8 million has evaporated, the project’s Twitter account confirmed an hour ago.

“THORChain suffered a sophisticated attack on the ETH router and lost approximately $ 8 million. Hackers have deliberately reduced their presence, apparently as whitehat. ETH is paused until it is examined by the audit partners who have priority. LP in ERC-20 pools is subsidized. “

Thorchain says the hacker implemented a custom contract that could trick Bifrost into making a deposit using fake assets. The network then processes refunds for them in kind.

“Whitehat has applied for a 10% bonus – which is given when you actively contact us. This is a difficult time for the community and the project, and the loss is real. The Treasury Department has funds to cover it, but the time has come slowly but surely. “

However, according to Thorchain, it would be more equitable to describe the incident as a public exploitation of the word “gray hat” rather than “whitehat”.

Last week, in a separate incident, the log also lost around $ 5 million worth of ETH.


According to Coindesk

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