Thorchain's RUNE Token Tumbles After 2nd Exploit in 2 Weeks
The latest exploit cost the blockchain protocol $8 million.
Updated Sep 14, 2021 at 1:30 p.m. UTC
Thorchain's token, RUNE, tumbled in digital-asset markets after the blockchain suffered an exploit for the second time in two weeks, this one costing about $8 million.
Thorchain, now with a market capitalization of $841 million, was founded in 2018 and is a decentralized liquidity protocol that allows for swapping native assets between different blockchains.
Regarding the latest incident, Thorchain told CoinDesk a hacker deployed a custom contract that tricked the network's Bifrost Protocol into receiving a deposit of fake assets. It then processed a refund of real assets to the hacker.
The RUNE token is still up by 178% year to date, handily outperforming the 11% return of bitcoin.