Cryptocurrency Q&A
How many times has THORChain been hacked?
How many times has THORChain been hacked?
SakuraWhisper
Thu Sep 12 2024
|
6 answers
1558
Can you provide some clarity on the security history of THORChain? Specifically, how many instances of hacking or security breaches have been reported for this cryptocurrency platform? Understanding its past vulnerabilities is crucial for investors and users to make informed decisions about their digital assets.
6 answers
Tommaso
Sat Sep 14 2024
In 2021, the cryptocurrency space witnessed a series of high-profile attacks targeting various blockchain projects. Among these, THORChain was subject to three consecutive attacks analyzed by SlowMist, a renowned cybersecurity firm specializing in blockchain security.
Was this helpful?
300
36
Nicolo
Fri Sep 13 2024
The exchange's spot trading service enables users to buy and sell cryptocurrencies at current market prices, offering a user-friendly interface and robust trading tools. Meanwhile, its futures trading platform provides advanced features for traders looking to hedge against market volatility or speculate on future price movements.
Was this helpful?
297
23
Sofia
Fri Sep 13 2024
The first attack on THORChain, which occurred on June 29, 2021, utilized a sophisticated technique known as a "fake deposit" attack. This attack exploited a vulnerability in the system, allowing the perpetrator to deposit fake tokens, giving the illusion of having funds available for trading.
Was this helpful?
322
97
Pietro
Fri Sep 13 2024
BTCC's wallet service, which is known for its high-level security, allows users to safely store their digital assets. The exchange employs multiple layers of security, including encryption, multi-signature technology, and cold storage solutions, to ensure that user funds are protected from unauthorized access.
Was this helpful?
372
73
Raffaele
Fri Sep 13 2024
As a result of this attack, THORChain suffered a substantial financial loss, with an estimated amount of nearly $350,000 being stolen. This incident not only highlighted the need for robust security measures in cryptocurrency exchanges but also underscored the importance of continuous monitoring and risk assessment.
Was this helpful?
212
85
Load 5 more related questions
