Thorchain Hacked – $7.6m Robbed in Ether

The popular decentralized exchange (DEX), THORChain Hacked, recently launched a multi-chain chaotic net, was hacked for about 4000 ETH. According to the attacker’s account, the total loss from the incident is approximate $7.6M. However, liquidity providers will be compensated by the treasury. It is unclear how exactly the exploit worked. Multi Chain Chaos Net, (MCCN), was stopped by node operators. Investigations are ongoing.

THORChain launched THORChain’s Multi Chain Chaos Net MCCN on April 23 to power the crypto-assets trades in their native form, without any wrapper. It allows direct-chain swaps and ensures true decentralization. Since then, the team has adopted a cautious approach. It allowed limited liquidity to be added until the system was in testing. This was followed by gradually increasing caps on assets that could be contributed to it.

However later, the thor chain shared their recovery plan in a Twitter update

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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