THORChain keeps getting hacked - Is it still safe to buy RUNE?

THORChain keeps getting hacked - Is it still safe to buy RUNE?




A look at the multiple THORChain hacks and whether it's safe to buy the chain’s native RUNE token.

When it comes to THORChain (RUNE), the questions on everyone’s lips revolve around safety.

The permissionless cross-chain liquidity platform that supports interoperable blockchain communication is an extremely exciting project that does what nothing else can.

THORChain allows anybody to trade native BTC for native ETH without wrapping or using a centralised exchange to do so.

This cross chain interoperability was released on their mainnet as Chaosnet and has been functional since April.

But their rapid development and attention grabbing innovation has come at a cost, with the decentralised exchange running on the THORChain protocol being hit by multiple hacks since deployment.

Let’s take a look at these THORChain hacks and discuss whether it’s still safe to buy RUNE.

Is THORChain hacked?

This is an interesting way of wording the legitimate concerns that RUNE investors have.

Yes, nobody is denying that THORChain was hacked.

Hacked twice in two weeks, for a matter of fact.

But this does not mean that the hacker retains a back door entrance into the protocol or that the same thing will continue to happen.

THORChain doesn’t remain hacked.

The RUNE price certainly took a hit, but this is by no means the end of the THORChain project.

Check out the THORChain price on this TradingView daily chart.

The THORChain team reacted swiftly and rationally each time, announcing that losses would be subsidised by the project’s treasury.

Time and attention will also turn to getting the code fully audited…

Something that obviously should never have been skimped on in favour of speed to begin with.

A point that the most recent hacker agrees with.

Have a read of the following short message that they included alongside the transaction input data:

Discord message showing the hacker’s THORChain concerns.

Yikes, talk about a burn.

But there’s no point dwelling on the past here.

What’s done is done and it’s time to move forward.

Is it still safe to buy RUNE?

Ultimately, yes it’s still safe to buy RUNE because there is no longer an opening in the protocol for hacks to continue happening.

If the team’s messaging is anything to go by, safety of funds is not an issue.

The THORChain team have announced on Twitter that they’re ready to resume full operations and that they’re battle-hardened, solvent and back with a vengeance.

Oh, them some fighting words!

Whether RUNE is worth buying is entirely up to you, but from a safety standpoint, this shouldn’t be the issue holding you back from doing so.

The biggest point to watch from here is whether the THORChain team slows down, truly taking the time to properly review and audit their releases before going live.

When it comes to permissionless, cross chain swaps, THORChain (RUNE) sits on the cutting edge of this tech.

Hacks ultimately lead to increased security solutions and there’s no reason to believe that this will be any different.

RUNE is a token to keep your eye on going forward.

Best of probabilities to you.




Direct from the desk of Dane Williams.

Why not leave a comment and share your thoughts on what it means for RUNE when THORChain keeps getting hacked, within the comments section below? All comments that add something to the discussion will be upvoted.

This THORChain (RUNE) blog is exclusive to leofinance.io.

H2
H3
H4
3 columns
2 columns
1 column
19 Comments