4,000 $ETH Stolen from THORchain in Blockchain Attack | Worth Over $7.6 Million USD

Urian B., Tech Times 16 July 2021, 07:07 am

4,000 $ETH was reportedly stolen from THORchain in a recent blockchain attack. At the moment of this article's writing the worth of 4,000 $ETH is a little over $7.6 million USD. What happened?

THORchain Victim of Blockchain Attack

According to the story by CoinDesk, THORchain has just suffered a massive attack that had been successful in draining out 4,000 ethereum from the blockchain's very own crypto trading protocol.

This news was according to a posting on the Runebase website.

The company quickly tweeted out that they would be providing an upcoming "more detailed assessment," as well as recovery steps some time soon. Network administrators wrote some time earlier in a particular Telegram posting that the loss was allegedly more than three times the initial amount, but then updated the figure.

13,000 $ETH or 2,500 $ETH?

They also reportedly wrote that the network had actually been halted while developers were still investigating the extent of the particular breach.

The initial tweet that was posted by Runebase noted that 13,000 $ETH were exploited. THORchain was quick to correct this particular number.

According to the post by Runebase, it was noted that the original loss was previously estimated to be at 13,000 worth of $ETH, but was then estimated to be just 2,500. The discrepancy was noted to be potentially due to the additional loss coming from arbitrageurs that were taking advantage of the whole price manipulation.

Complaints About THORchain

Complaints from certain users started to pop up on replies to THORchain's tweet.

According to a particular user Cesar Jung-Harada on Twitter, the user was trying to remove their liquidity only to get "Thorchain network latency," and the user stated that this was not good.

The user then expressed that they felt like the platform was disabling LPs to be able to control their very own assets. They further told THORchain to please allow them to remove their own liquidity if they wanted to.

Cryptocurrency Market Today

Another user, however, replied to this complaint, telling Cesar to be patient, and that they will be able to do it once it was finally enabled, and all that it would take is for the user to open their eyes and ears instead of tweeting out the question.

Others asked where the 13,000 ethereum figure came from as multiple figures were provided.

According to yet another reply, it could have been due to skewed progress and noted that there seems to be a work in progress that is trying to figure out what was actually taken through the hack.

Other interested users started to reply to the situation.

As of the moment, $HEX seems to be the only cryptocurrency out of the top 10 cryptocurrencies that is bullish. The crypto market has been seeing quite a confusing volatility over the last couple of months after certain cryptocurrencies like Bitcoin and Dogecoin met their all time high.

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Written by Urian B.