- THORChain announced the resumption of full network activities after the latest exploit.
- An attacker drained one of THORChain’s five vaults in May, stealing $10.7 million.
- The DeFi protocol claims its network came back stronger and more stable than before.
According to THORChain, its trading platform is live again with a fully functional network after more than a month of paused operations. In its latest post on X, the decentralized liquidity protocol noted that signing, churning, secured and trade assets, liquidity provider actions, and swaps are all up and running.
A $10.7 Million Exploit in May
THORChain halted activity after an exploit on May 15, which drained approximately $10.7 million from one of its vaults. It took the network over one month to resolve the issues and resume operations. In its comeback announcement, THORChain said the return was not about speed, but a thorough process to ensure it did the right thing.
The May exploit attacked the DeFi protocol’s GG20 threshold signature scheme. THORChain reported that a newly churned malicious node operator used a progressive key material leakage to reconstruct a full private key. The attacker then drained one out of the network’s five vaults. THORChain’s automatic solvency checks detected the imbalance within minutes and halted signing and trading across several chains.
A Well-Scrutinized Resumption
According to THORChain’s announcement, the protocol’s return to full activity involved verifying every vault, checking all the keyshares, and prioritizing security and stability in every step of the resumption process. The team acknowledged that the patience it exercised during the downtime paid off, claiming the network has returned stronger than before the exploit.
In the meantime, THORChain’s core team acknowledged the external support it received during the journey back to full operations. The team particularly mentioned node operators that stayed through the process, participating in votes and upgrades. Developers also worked with the team to ship the fixes, alongside a vibrant community that stayed through the process.
THORChain Ecosystem Cryptos
THORChain’s ecosystem token, RUNE, experienced increased volatility following the team’s announcement. TradingView’s data reveal that the cryptocurrency surged over 8.5% in the early hours of Tuesday, reaching a daily high of $0.428 before retracing slightly to $0.424 at the time of writing.
In the meantime, THORChain said that native Monero swaps are already working end-to-end in testing, with a live launch imminent. The protocol also announced that Zcash swaps will follow soon, while plans for dynamic fees and deeper liquidity are already in place.
Related: THORChain Hit by Over $10M Exploit Across Bitcoin, Ethereum, and Base
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