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[Yusra31]

Thorchain, a prominent cross-chain DEX platform, was hit by another hack yesterday, losing 7.6$ million in crypto assets. The hackers were successful in exploiting the 'Chaosnet' to obtain a large bounty, but they had to pay a large slippage fee to noes and LP. Only ETH LPs were harmed by the hack, according to the platform, and they will be reimbursed using the reseve money.The attacker paid large slip fees, with nodes capturing approximately 1.4$ million and ERC20 LPs capturing another 1.4$ million. Only ETH LPs are affected, and they will be compensated. Consequently, despite the exploit, Nodes, LPs, and Arbers will benefit significantly. The THORChain treasury will be the only entity to bear the burden; about 5$ million will be donated to ETH LPs.

The platform had put the blockchain on hold to prevent further attacks, but it received a lot of flak for it. They also released a recovery plan and gave an update on the implementations earlier today.

 

[BullyMaguire]

They should strengthen their security more. Instead of paying loss money always.. they should invest on their security so they can prevent hacking in the future

 

[ElPaule]

They should strengthen their security more. Instead of paying loss money always.. they should invest on their security so they can prevent hacking in the future

Well there are more investments into marketing than in development nowadays. This unfortunately affects security first. There are always possibilities that hackers outsmart you but it shouldn't be that easy

 

[BullyMaguire]

Well there are more investments into marketing than in development nowadays. This unfortunately affects security first. There are always possibilities that hackers outsmart you but it shouldn't be that easy

Right, many major exchanges never had this much hacking on their security. Or they should hire people who can block attacks.

 

[BullyMaguire]

Well there are more investments into marketing than in development nowadays. This unfortunately affects security first. There are always possibilities that hackers outsmart you but it shouldn't be that easy

You know some companies are hiring hackers themselves to look for their own loopholes so they can fix em. It's kinda scary to put money in an exchange that has these problems

 

[Brain]

I will like to find out about the feedback of this news at least from then till now what has really become of the site if they were able to recover this funds from the hackers. But this hacked amount Is really huge

 

[Mariappa45]

I know it's been over four months since the company suffered the cyber attack, which led them losing a whopping amount of $7.6 million. They should work tremendously to adopt more robust security to combat issues of security breaches.

 

[Wisdom01]

that amount of money is huge ,I hope they emphasize on a recovery plan , because that's particularly going to get them back what they have lose , I think they also need to improve their security network so that such issues won't be encountered again , because that's part of the important thing in security