Vulnerability alarms have sounded in the project behind RUNE, a popular altcoin project. THORChain has halted its global trading due to an alleged potential vulnerability on one of its affiliated platforms. The THORChain team announced on Twitter that they are investigating the validity of the claim and confirming the possible vulnerability. The team acted cautiously, suspending trade while the investigation continued. Here are the details…
Vulnerability in connected platforms of THORChain project
cryptocoin.com As we reported, THORChain is a standalone Blockchain built using the Cosmos SDK and functions as a cross-chain decentralized exchange (DEX). The automated market maker (AMM) model allows traders to move between different asset pools using THORChain’s native token, RUNE, as a secret broker. Liquidity providers who deposit or stake on both sides of a liquidity pool are rewarded with a portion of their trading fees.
While THORChain’s trading is currently paused, all funds can be verified on the website viewblock.io/thorchain/vaults. The THORChain team did not elaborate on the potential vulnerability. It also did not provide further details on how long trading will be suspended. This news has caused some concern among THORChain users and investors as the platform is known for its fast and efficient cross-chain exchanges.
However, the immediate response of the THORChain team to the potential vulnerability and the decision to stop trading was welcomed. As the investigation continues, THORChain users and investors will have to wait for further updates from the team.
Altcoin price lost momentum
After this development, the value of THORChain’s RUNE token dropped by 5 percent. The crypto currency fell from the levels of $ 1.39 to $ 1.31. At the time of writing, it is trading at $1.32. In addition, the cryptocurrency’s trading volume in the last 24 hours has increased by as much as 50 percent. RUNE is ranked 88th with a market capitalization of $430 million.
While it is unclear exactly what the vulnerability is in the THORChain network, blockchain and cryptocurrency projects in general can be vulnerable to various types of attacks and vulnerabilities. Smart contract vulnerabilities, for example, can have unintended consequences, while a 51 percent attack could allow a group of miners to manipulate the blockchain, potentially doubling coins. Wallet vulnerabilities can lead to theft of funds, and social engineering attacks can trick individuals into giving away their private keys or other sensitive information. Therefore, it is important for users and developers to be vigilant and take appropriate measures to guard against these vulnerabilities.
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