The cross-chain decentralized exchange (DEX) THORSwap appears to be recovering after the THORChain network went offline due to a major vulnerability only three months after entering its protected release.
this Network powered by Cosmos Designed to support decentralized transactions executed across different blockchain networks, such as Bitcoin (Bitcoin) And Ethereum (Ethereum). According to the progress report on October 12, the team behind THORSwap, the project’s decentralized exchange, has so far restored four of the five networks it supports before it was shut down in July.
15 about @THORChain
2. Being exploited but hardened and strengthened.
3. 4 chains have been restored, and the last chain-Ethereum is being restored.
— THORSwap ⚡ ᚱ (@THORSwap) October 12, 2021
THORSwap added that it is working to integrate support for the Terra stablecoin network and Gaia, the decentralized financial center of Cosmos. Further integration with other crypto assets, including Dogecoin (dog), Decred, Haven, and Monero (XMR), also under development.
The team is also working to improve the performance of network nodes.
THORSwap The highly alert “Chaos Network” Partially launched in April, Following the launch of THORChain’s initial system in July 2020.
Despite the obvious early success, the THORChain network suffered three hacking attacks during June and July, forcing it to take some services offline.
THORChain was initially used in June. However, the team played down the incident at the time, statement The first exploit attempt was limited to $140,000, which is “a small amount compared to other exploits.”
The network is used again Ethereum’s $7.6 million is much larger On July 16, a hacker discovered a loophole that caused the suspension of operations. THORChain was attacked for the third time on July 23, when a hacker used the network’s Ethereum router to steal $8 million worth of ETH.
“The past few months have been a difficult period for THORChain, but the fundamentals have never changed,” the THORSwap team said.