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THORChain Halts Trading Amid Possible Security Threat

THORChain Halts Trading Amid Possible Security Threat

THORChain has announced that it is currently investigating a possible vulnerability after receiving reports.

As a precautionary measure, trading has been temporarily halted while the platform conducts its inquiry.

Although the veracity of the claims is yet to be confirmed, THORChain is taking steps to avoid potential loss of funds. Meanwhile, users can still utilize other providers to access the wallet’s swap and bridge services.

RUNE, the platform’s native token, has experienced a decline of over 5% in value within the last 24 hours, trading at approximately $1.30 at the time of writing.

This is not the first time that THORChain has suspended its blockchain operations. In October of last year, the platform ceased operations for over 20 hours due to non-determinism between individual nodes.

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Additionally, the platform recently suffered two significant breaches in July 2021, prompting peer review by audit partners.

Despite these issues, THORChain has over $112 million in total value locked on the DeFi front, according to data by DefiLlama.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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