CRYPTO

THORchain has completed 2 security audits since the summer exploits

The cross-chain liquidity protocol THORChain has fully recovered from two summer exploits that compromised millions of dollars in user funds when the company announced on Thursday that it had received a passing grade in a new security audit.

Simultaneous audits conducted by cybersecurity company Trail and Bits and Halborn allow THORchain to implement a five-step recovery plan. Contributors to THORchain now say that the protocol will be fully operational once all major cryptocurrency integration and cross-chain trading features are brought back online.

In addition to the audit, THORchain announced that it has commissioned Immunify, a leading bug bounty platform for the defense sector, with a bounty program to identify new vulnerabilities as they arise.

The launch of THORchain earlier this year came with much fanfare, as it marked a significant evolution in decentralized exchange. In July, however, the platform suffered two multi-million-dollar security breaches, the first being the 7.6 million Ether (ETH) exploitation that generated a significant response. Quentelegraph reported that network activity was shut down as developers investigated the amount of damage.

Related: THORSwap closes the investment round after moving to the center of the cross-chain DEX

About a week later, a White Hat attacker destroyed the ETH protocol worth about 8 million, but would later request a 10% grant to refund the funds. The two thefts have closed a terrible month for Thorchain, even with its biggest supporters Calling For a slowdown of project ambition.

Security breaches are nothing new for the cryptocurrency market, as defy has emerged as a popular attack vector for cyber criminals. According to industry sources, about $ 1.2 billion has been lost due to DeFi exploitation. These figures exclude the recent nine-figure exploitation of Cream Finance, which was the victim of a major flash loan hack on Wednesday.