THORChain Network is Globally Halted Due to Vulnerability

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The THORChain multi-chain protocol developers have suspended the network in response to “credible reports of a potential vulnerability.”

Pluto (9R) from the project’s team has stated that the action was taken as a “precautionary measure.” The Twitter account for the project confirmed the suspension of trading activity during the investigation.

The team is currently assessing the validity of the reported vulnerability. The value of the assets locked in the protocol is estimated to be $113.8 million, and the price of the RUNE token has dropped by 4.8% over the past 24 hours to $1.33.

This decline is roughly in line with the market trend, as Bitcoin has fallen by 2.5% over the same period and the entire cryptocurrency market capitalization has decreased by 2.2%.

On October 27, 2022, the THORchain network suffered a major outage, with the developers restoring the protocol after 20.5 hours.