THORChain has been hacked for a third time in the past month, this time with the attacker managing to drain nearly A$11 million in cryptocurrency from the crosschain crypto-asset bridge.
The project was also hit with an exploit last week that drained A$7 million in crypto from its systems, In late June an attacker managed to steal US$140,000 (A$190,000) in funds.
The hacker using this latest exploit left a message in the transaction data boasting he or she could have stolen more.
“Wanted to teach lesson minimizing damage multiple critical issues … Audits are not a nice to have. Do not rush code that controls 9 figures.”
On its Twitter feed, THORChain said that the attacker used a “sophisticated attack” but seemingly limited their damage, “seemingly a whitehat”.
It was promising to press on despite the massive setbacks.
THORChain uses smart contracts to enable swapping crypto-assets across different blockchains. (Generally decentralised exchanges are limited to a single blockchain, like Ethereum).
Most of its team are anonymous.
At 4.40pm AEST, THORChain’s RUNE tokens were down 8.6 per cent to $US4.02, giving the project a market cap of US$941 billion. That still makes it the No. 71 crypto.