Thorchain (RUNE) Exploited for 13,000 ETH team confirmed

[DarkDays]

It seems that lately different alts (DEXTools, DeFiPie) suffered from hack attacks. This now includes Thorchain (RUNE) which got exploited for approx 13,000 ETH. Thorchain is one of the major project with a current marketcap fo 271M and 64th Rank.

https://etherscan.io/address/0x3a196410a0f5facd08fd7880a4b8551cd085c031

THORChain posted "During a live attack, the network has been halted. Approximately 13,000 ETH of value was extracted from the protocol. Treasury has the funds to cover the stolen amount".

All of these attacks, just makes it impossible for people to trust crypto in its entirety. At least, in RUNE's case those that lost their funds will be getting it back but still it is a concerning matter.

[livingfree]

That's again another a lot of exploit.

I hope that the other of the same projects will be considering to strengthen the security of their platforms project. It's noticeably increasing that these attacks are happening every now and then.

Once these hackers finds the weaker security, they won't feel any sorry for exploiting their weak security.

[GreatArkansas]

I hope that the other of the same projects will be considering to strengthen the security of their platforms project. It's noticeably increasing that these attacks are happening every now and then.

Absolutely, this will be a lesson for every project out there. As time goes by, security will be strengthened, and additionally, this is also one of the disadvantages of an open-source project (I'm not telling open-source is bad).

It seems this hack got some effect on the price of Thorchain (RUNE)
But the wick is not that very huge compare to other projects before when encountered exploitation.

[DarkDays]

I hope that the other of the same projects will be considering to strengthen the security of their platforms project. It's noticeably increasing that these attacks are happening every now and then.

Absolutely, this will be a lesson for every project out there. As time goes by, security will be strengthened, and additionally, this is also one of the disadvantages of an open-source project (I'm not telling open-source is bad).

It seems this hack got some effect on the price of Thorchain (RUNE)
But the wick is not that very huge compare to other projects before when encountered exploitation.

The exploitation could have been much worse by comparison to the demise other projects have seen. I suppose their security alerted them of the attack but still a whooping 13,000 ETH is not no biggie.

It goes to show that code security is no joke and that it could lead to the death of a project, and with those becoming more common perhaps projects should double check their codes.

[AhmadM]

It goes to show that code security is no joke and that it could lead to the death of a project,

Yeah absolutely true, these kinds of attacks could turn the project off soon or later. An example is merlin lab, which decided to close the project after got exploited 3 times by malicious individuals.

and with those becoming more common perhaps projects should double check their codes.

I don't think double-checking the code by insider devs would be enough, I mean they should get checked its codes by the third-party services plus launch a bug bounty to make sure everything is safe (if they are serious with its security).

[livingfree]

I hope that the other of the same projects will be considering to strengthen the security of their platforms project. It's noticeably increasing that these attacks are happening every now and then.

Absolutely, this will be a lesson for every project out there. As time goes by, security will be strengthened, and additionally, this is also one of the disadvantages of an open-source project (I'm not telling open-source is bad).

It seems this hack got some effect on the price of Thorchain (RUNE)
But the wick is not that very huge compare to other projects before when encountered exploitation.

Usually, when projects get hacked. The market reacts on it very quickly.

Their charts would messed up because everyone who holds it think that it's unsafe anymore and they have to dump it as soon as possible so that their money are safe or they get to have some return from their initial capital.

That's normal to see it drop in charts.

[zasad@]

More info in this post
https://bitcointalk.org/index.php?topic=5267124.msg57471971#msg57471971

If you like reading about hacking DeFi projects, then join this topic:
DeFi hacks [history]
https://bitcointalk.org/index.php?topic=5267124.msg54946420#msg54946420

The amount of damage turned out to be much less
https://twitter.com/THORChain/status/1415813696857591813

[DapanasFruit]

This is another bad news for cryptocurrency...most especially those who are holding RUNE. Though it is good that just like Binance, the team behind RUNE has some kind of an "insurance" system to cover up an incident like this but we know this can be a big setback to them and the price of the coin is going to make some dive for the mean time. Indeed, this is a big lesson to all platforms to intensify and make security one of the biggest concerns because we will be talking on nothing if the defenses are not fortified as it should be.