THORChain has halted its trading globally due to claims of a potential vulnerability in one of its dependencies. The THORChain team announced on Twitter that they are investigating the validity of the claim and verifying the potential vulnerability. Out of an abundance of caution, the team has paused trading while the investigation is ongoing.
There are claims of a potential vulnerability with a THORChain dependency that may affect THORChain.
Out of an abundance of caution, trading has been paused while an investigation is undertaken.
The validity of the claim is currently being assessed and https://t.co/6a5NLAqefN…— THORChain (@THORChain) March 28, 2023
THORChain is an independent blockchain built using the Cosmos SDK, and it functions as a cross-chain decentralized exchange (DEX). Its automated market maker (AMM) model enables traders to move between different asset pools using THORChain’s native token, RUNE, as a hidden intermediary. Liquidity providers who deposit or “stake” assets on either side of a liquidity pool are rewarded with a portion of trading fees.
While THORChain’s trading is currently paused, all funds can be verified on the viewblock.io/thorchain/vaults website. The THORChain team has not provided any further details on the potential vulnerability or how long the trading halt will last.
This news has caused some concern among THORChain users and investors, as the platform is known for its fast and efficient cross-chain swaps. However, the THORChain team’s prompt response to the potential vulnerability and their decision to halt trading shows that they are taking the matter seriously and are working to ensure the security of their platform. As the investigation continues, THORChain users and investors will need to wait for further updates from the team.
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