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ThorChain (RUNE/USD) suffered from two major exploits this summer, which led to losses of millions of dollars. The firm has now announced that it had performed a security audit following these exploits, and it had passed.
ThorChain Passes Security Audits
ThorChain stated that the two security audits were done by two cybersecurity companies, Trails of Bits and Halborn. The security audits enabled ThorChain to execute a five-step recovery plan. The contributors of the ThorChain network stated that the protocol had resumed its full operations after it was restarted, and cross-chain trading features and crypto integrations were restored.
The protocol is also taking extra precautions to ensure a minimal chance that the protocol will be attacked again. The network has employed the services of Immunefi to ensure that vulnerabilities can be detected before they can be exploited. To make this possible, ThorChain has launched a bounty program.
ThorChain Suffers Two Major Hacks
The ThorChain network was launched earlier this year, and it marked an important day for the DeFi sector. Despite achieving major growth for the better part of the year, the platform had a rough summer following two major exploits.
The first exploit led to the network suffering a loss of $7.6 million worth of Ether tokens. This hack led to a lot of negativity being drawn to the network. The hack led to the network’s shut down, and all activities were paused to assess the size of the damage.
A week after the first exploit, the protocol suffered a second hack where a hacker drained $8 million worth of Ethereum. However, in this second attack, ThorChain stated that a white hat hacker was responsible as they reduced the extent of the damage. Moreover, the white hat hacker asked for a 10% bounty to return the funds.
The two hacking attacks dealt a major blow to the protocol, with some users suggesting that the network slows down its growth to first focus on enhancing security.
While the closeness of the two hacking attacks was concerning, ThorChain is not the first DeFi platform to suffer from multiple hacks. Cream Finance has had a rough year following three major hacking attacks. The recent one happened this week where the hacker stole $130 million from the protocol.
The post THORChain (RUNE) protocol passes two security audits appeared first on Invezz.
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