focused on providing cross-chain liquidity. altcoin exchange protocol with network Thorchainbecame active again after a software bug stopped the network for 20 hours.
At noon today, Thorchain validators en masse resumed the network and started generating new blocks.
Thorchain, An Altcoin Network Providing Cross-Chain Liquidity, Reactivated After 20-Hour Outage
The team tweeted, however, that the network is not fully operational for on-chain transactions, which will open in a few hours after the pending transaction queue is cleared.
THORChain is back online and producing blocks. The network is signing outbound transactions, so pending swaps should start to go through. Once the queue is cleared, trading will be re-enabled. ETA 2-3 hours.
— THORChain (@THORChain) October 28, 2022
“THORChain is back online and generating blocks. The network is signing outgoing transactions, so pending swaps will start to happen. Trading will be re-enabled after the queue is cleared. Estimated time is 2-3 hours.
Thorchain network validators were rendered inoperable yesterday due to a “unique transaction type” software bug that interrupted communication between their nodes. The error prevented validators from verifying new transactions on the network.
Thorchain failed to verify new transactions for 20 hours. Investors did not lose any funds during the outage. However, the native coin of Thorchain RUNE exchange deposits and withdrawals for Kucoin suspended on centralized exchanges.
Later, a development team working on Thorchain, Granny Realmshas released a new update for node operators with a patch to fix the bug.
The Thorchain team explained instructions for the validators and how to upgrade to the new software.
After the majority of the validators upgraded their software and reached consensus again, the network was restarted.
While this is the first network outage for Thorchain, the project has been plagued with security issues before. In the past year, security flaws in Thorchain’s cross-chain swap were hacked multiple times, causing over $13 million in losses.
*Not investment advice.
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