THORChain halts network due to potential vulnerability

THORChain, a Cross-chain liquidity platform has once again halted its network, as a precautionary measure to new reports of a possible network vulnerability.

THORChain announced through Twitter on March 28 that it has paused all trade due to reports of a potential vulnerability with a THORChain dependency that could harm the network. THORChain stated that the decision was made as a precaution while the reports are validated.

THORChain's liquidity platform Nine Realms and the dedicated security team THORSec received “reliable reports” of a potential THORChain vulnerability, according to social media postings. Reportedly, the THORChain network has been shut down internationally.

Nine Realms tweeted, “Network preemptively suspended by NOs to investigate the report; updates forthcoming.”

According to statistics from CoinGecko, THORChain's native token Rune (RUNE) has dropped approximately 5% in response to recent news. Currently, the token is trading for $1.32, a decrease of 18% over the last 30 days.

THORChain, which was founded in 2018, is a decentralized cross-chain liquidity protocol that enables users to trade assets between multiple blockchain networks without the usage of centralized exchanges.

The settlement layer of THORChain now facilitates exchanges between eight chains, namely Bitcoin, Ethereum, Binance Chain, Avalanche, Cosmos Hub, Dogecoin, Litecoin, and Bitcoin Cash.

The most recent network interruption on the THORChain is by no means the first. In October 2022, the network was halted due to a software problem producing “non-determinism amongst individual nodes.” After twenty hours of maintenance, the network was restarted and restored to full functionality.

In 2021, THORChain suspended its network following a protocol breach in which hackers stole $7.6 million worth of crypto assets.