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.
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:
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.
Posted Using LeoFinance Beta
It's good that they are subsidizing the losses...but I think every Defi project should probably audit their code. I never entered a position in RUNE but I know Khal is interested in spreading LEO/CUB to Thorchain.
Posted Using LeoFinance Beta
I know that LeoFinance has the Polygon integration coming next, but I just can't get excited for it.
A LEO bridge to THORChain on the other hand, now THAT'S exciting.
Can't wait to hear more.
Posted Using LeoFinance Beta
Haven't heard of any recent Hacks tho, is there any?
However, RUNE is definitely one crypto projects to keep an eye on, like I believe I've said before, the process of scaling up may seem slow now, but good things take time, so that's a hint.
Posted Using LeoFinance Beta
No, sorry for the confusion.
Just to be clear, I'm still talking about the July hacks.
But with price having not yet recovered to levels even remotely close to RUNE's previous all-time high, there's obviously still apprehension in the market.
I wanted to therefore address a few of these safety concerns.
Posted Using LeoFinance Beta
Hmmmmm... Well, its not a bad idea in my opinion too but I think I will be patient for like some weeks to see how things unfold
Posted Using LeoFinance Beta
Remember that as an investor, you don't have to have your finger in every single pie.
If you still don't trust that RUNE is safe, it might be best to focus your attention elsewhere.
Possibly, like right here on HIVE!
Posted Using LeoFinance Beta
My attention is on hive tho
Was there another hack recently? Or you are commenting on those 3 or 4 that happened a while ago in a short interval?
Either way, it's a nice way of looking at it and I agree with what you said. I really like RUNE and I believe the project still has a lot of potential
Posted Using LeoFinance Beta
Sorry for the confusion, I'm still talking about the July hacks.
I just wanted to address some of the concerns that are still floating around RUNE.
Price has nowhere near got back to its all time high which in my opinion is pretty wild when you see what coins like SOL are doing right now.
Hack or no hack, I know where I'd rather have my money.
Posted Using LeoFinance Beta
It's all good.I thought that was the case and I just wanted to make sure.
And yeah, I agree with you. I think RUNE is really underpriced right now and I've been adding some while it's on sale
Posted Using LeoFinance Beta
Agreed. Rune is a one of a kind project. The way they handled the hacking incidents has helped grow the community's confidence in the project.
My personal view is that Rune is a long term hold. If you can accumulate now, do so. It is risky but the reward is greater.
Posted using Dapplr
Thanks man, I'm definitely with you there.
I'm looking forward to your next RUNE trading blog :)
Posted Using LeoFinance Beta
Just made another profitable one off the $6.6 price point again actually. Just took profit at $9 about an hour ago. :)
I moved the profits to SPS for the Chaos Legion packs.
THORChain (RUNE) is a fabulous project that even right after the second hack (and big price drop) I bought. Still showing a nice paper profit and I have no present intentions of selling. Buying at as low of a price as I did, I just might hodl this one looking for a 20x to 25x return.
Making this project more secure, finally, should result in much higher market value placed on it.
Great job Mr. Williams.
Posted Using LeoFinance Beta
Cheers Kevin.
I take it that you saw I linked to your excellent guide contribution on the topic of THORChain getting hacked?
Just continuing to contribute to the RUNE content on LeoFinance :)
Posted Using LeoFinance Beta
Great. I have been trying to understand pooling on Rune ecosystem but could not find a basic guide to help new users. I have a small pocket of Rune sitting doing nothing. What's the best place to start learning on Thor ecosystem and defi options?
Posted Using LeoFinance Beta
This is a post in itself.
Leave it with me ;)
Posted Using LeoFinance Beta
I sold some of my LUNA today and got myself some RUNE from the profits. 😂 Already up a little. I think it can easily go back to $20 in no time. An atypical project with huge potential.
Posted Using LeoFinance Beta
Not like you can really go wrong in both LUNA and RUNE.
Both are going to have a huge role to play as real use cases for cryptocurrencies move into the mainstream.
Exciting :)
Posted Using LeoFinance Beta