- THORSec, the network's dedicated security team, received reports of a potential risk
- The price of RUNE, the protocol’s native token, has remained stable
Decentralized liquidity network THORChain has suspending trading due to claims of a potential network vulnerability. The protocol tweeted that there was a THORChain dependency which could have an adverse impact on the network. They made the decision as a precaution pending verification of the reports, CoinTelegraph wrote.
Network was halted globally
The network made the announcement soon after social media wrote that its liquidity platform Nine Realms and THORSec, its dedicated security team, had received reliable reports of a potential risk. Reportedly, the THORChain network has been halted worldwide.
RUNE price remains stable
RUNE, the protocol’s native token, has remained stable according to Coinmarketcap data. At the time of writing, the token is trading at $1.32 with a 24-hour trading volume of $37.14 million. It is still well below its value a year ago, though.
Latest halt isn’t the first for THORChain
This suspension is not THORChain’s first. It was paused when a software bugcaused “non-determinism between individual nodes” in October 2022.
In 2021, THORChain stopped operating due to a major breach. The attackers made away with crypto worth $7.6 million.
About THORChain
Founded in 2018, THORChain allows for the exchange of cryptocurrencies across different blockchains without the need for a centralized intermediary. It is based on the concept of cross-chain atomic swaps, where users can trade cryptocurrencies across different blockchains in a trustless and decentralized manner.
THORChain operates through a network of nodes, which are responsible for validating transactions and ensuring the security of the network. The network also employs a unique consensus algorithm called the Continuous Liquidity Protocol (CLP), which helps to ensure that there is always enough liquidity available for trades to occur.
One of the key benefits of THORChain is its ability to provide deep liquidity for traders, as it allows for the pooling of liquidity across different blockchains. This helps to minimize slippage and provide traders with the best possible prices for their trades.
