THORChain has resumed full operation after a month-long period during which it fixed any security risks due to a vulnerability that led to losses worth $10.7 million. This comes after a month where the network halted all trading and essential services on May 15th.
As per a recent post on X, THORChain has activated all the essential network features, which include trading, swapping, signing transactions, and LP actions. This resumption comes after the prolonged process of recovery that was aimed at enhancing the security of the network.
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THORChain Completes Security Checks and Vault Migration
In its effort to recover, THORChain made sure that the majority of its vaults were verified through the KeyVerify protocol. It also phased out its old vaults by migrating to a new one; this process was regarded as the most significant step in regaining network security.
The protocol also made clear that each of the key shares belonging to node operators had been confirmed, thus achieving yet another milestone in the process of recovery. Such verification was meant to confirm that the entire process would be secure before the services were restored.
THORChain is one of the biggest cross-chain liquidity protocols in the crypto world, enabling users to trade assets across different networks like Bitcoin and Ethereum without using any central exchange.
Exploit Linked to GG20 Signature Vulnerability
THORChain explained that this vulnerability arose due to a flaw in its GG20 threshold signature algorithm, which is a system employed by THORChain to secure its protocol vaults using distributed nodes.
As per the report on this incident, the weakness allowed the attacker to slowly build up sufficient key material to reconstruct the entire private key. This weakness led to a hack of approximately $10.7 million from the vaults of the protocol’s network.
To address this, the protocol patched the code with a security update on May 20 to protect the funds left over. A further software update was rolled out by the developers on June 9 that addressed the vulnerability that had been exploited. Yet another update came on June 11, which enhanced stability.
New Integrations Planned Following Network Restart
With the process of recovery complete, the platform will now focus on enhancing the functionalities of the network going forward.
THORChain is planning to incorporate native swaps along with vaults for the privacy coin Zcash (ZEC) over the next two weeks. Following that, the network will work on adding support for Monero (XMR).
Moreover, THORChain stated that it plans to integrate Bittensor’s TAO token about six weeks after the network restart, expanding the range of assets on its platform.
These advancements represent a major milestone for the network as the network continues to focus on improving security measures and rebuilding trust among users after experiencing one of the most substantial security breaches in recent history.
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