Hackers exploited the ThorChain protocol yesterday. The hackers stole around 4000 ETH which is about $7.6 million!
But this was not the first successful attack on the cross-chain protocol! Last week, the protocol lost $140000 in assets in an attack.
In their Telegram group, the team stated that the protocol has enough funds to cover the users’ stolen assets. In addition, they announced to offer the hackers a bug bounty if they return the stolen assets.
But what is a bug bounty?
Many tech companies and crypto projects offer bug bounties to incentivize people to report security gaps or bugs. So, bug bounties help protocols and companies to improve their security standards.
On Twitter, ThorChain already released a recovery plan:
If the hackers accept ThorChain’s offer and the recovery plan works out is yet to see.