THORCHAIN has restored full network functionality more than a month before it was suspended for security incidents. The project participants indicated that the operations related to the providers of transactions, exchange, trade signatures and liquidity had been reopened.

The loophole originated in the GG20 signature mechanism

The incident dates back to May 15. At that time, Tharochain suspended the transaction for an attack of approximately US$ 10.7 million. According to the development team, the problem was in the GG20 door-limit signature programme. The mechanism was originally used to decentralize the control of the key of the agreement by the nodal operator.

The project party indicated that the loophole enabled the malicious node operator to gradually restore the full private key through the continuous disclosure of key material, and eventually to obtain unauthorized access to the agreed funds and complete the theft.

Renovation updates released successively after the May break

Immediately after the incident, Thorchain suspended operations and initiated emergency disposal to protect the remaining assets. On 20 May, it was agreed that emergency patches would be deployed to protect the active vaults and prevent further losses.

Subsequently, on 9 June, Thorchain released a larger software upgrade to repair the exploited loopholes and enhance the overall security design. On 11 June, the agreement was updated online to continue to improve network stability and to enhance the function of the KeyVerify agreement.

  • 15 May: Agreement to suspend transactions due to attacks
  • May 20: Emergency patch up to protect active vaults
  • 9 and 11 June: successive upgrades and stabilization updates

Advance new asset access after resumption of operations

THORCHain, one of the larger cross-chain trade agreements in the encryption industry, supports users in completing asset exchange between different block chains, such as Bitcoin and Taifung, without relying on centralized intermediaries.

Once the project is back in operation, the focus has shifted to new asset expansion. THORCHain states that it plans to go online in the next two weeks to support Zcash (ZEC) in primary exchange and treasury, which will be followed by access to Monero (XMR).

In addition, the agreement plans to consolidate the TAO tokens of Bittensor about six weeks after the re-establishment of the network in order to expand the range of tradable assets.