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THORSwap reinstates cross-chain trading on four out of its five integrated networks
Cross-chain decentralized exchange (DEX) THORSwap appears to be recovering from previous exploits as its users can now transact across Bitcoin, Litecoin, Binance Smart Chain and Bitcoin Cash networks.
The Cosmos-powered network seeks to facilitate decentralized trading across a variety of blockchain networks, including Bitcoin (BTC) and Ethereum (ETH).
The team behind the project's decentralized exchange THORSwap has so far restored functionality for four of the five networks it supported prior to being down in July, according to a progress report released on Oct. 12.
THORSwap has resumed swap functionality across the Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC), and Binance Smart Chain networks, according to the update, and the team is working to restore Ethereum support.
15 summaries about @THORChain 🧵
1. $BTC, $ETH, $BNB, $LTC, $BCH – 5 economic significant blockchains are integrated.
2. Got exploited but hardened and became stronger than ever.
3. Recovered 4 chains and is in the process of recovering the last chain – Ethereum.
1/7👇
— THORSwap ⚡ ᚱ (@THORSwap) October 12, 2021
THORSwap has stated that support for the Terra stablecoin network and Gaia, the Cosmos' decentralized finance hub, is under development.
More connections with other cryptocurrencies are in the works, including Dogecoin (DOGE), Decred, Haven, and Monero (XMR). The team is also working to increase network node performance.
Following the deployment of THORChain's initial systems in July 2020, THORSwap's highly guarded “chaosnet” was partially launched in April.
Despite its early success, the THORChain network was hacked three times in June and July, causing it to shut down portions of its services.
The first time THORChain was used was in June. The team, however, downplayed the issue at the time, claiming that the initial attack attempt was restricted to $140,000, “a minor amount compared to other exploits.”
On July 16, after a hacker uncovered a vulnerability, the network was once again abused for a considerably greater $7.6 million in Ethereum, resulting in the suspension of operations.
On July 23, a hacker accessed the network's Ethereum router to steal $8 million in ETH, making it the third time THORChain has been targeted.
“ThorChain has had a difficult few months, but the foundations have remained the same,” the THORSwap team noted.