Thorchain, the decentralized protocol that enables cross-chain trading of cryptocurrencies, has recently been temporarily suspended due to a potential vulnerability.
This development followed reports on social media of a credible threat to the Thorchain Nine Realms platform and the THORsec security team.
As a precautionary measure, Thorchain suspended trading while the matter is investigated. As a result, the price of Thorchain’s native token (RUNE) dropped by approximately 5%, as per CoinGecko data.
Currently trading at $1.31, the token has witnessed a decline of 18.5% over the past 30 days. Thorchain, which was introduced in 2018, permits users to exchange assets across different blockchains without relying on centralized exchanges.
The platform allows swaps between several networks, including Bitcoin, Ethereum, Binance Chain, Avalanche, Cosmos Hub, Dogecoin, Litecoin, and Bitcoin Cash.
However, Thorchain had previously suffered a setback in October when a software bug caused the network to go down for 20 hours.
Despite this, validators were successful in restoring the protocol, albeit with the developers disabling the ability to trade assets until the transaction queue was cleared.