Decentralized finance (DeFi) project THORChain has lost about 4,000 Ethers (around $7.7 million) as a result of a hacker attack. The losses were initially reported to be as high as 13,000 ETH. THORChain's community manager has said:
"While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss return of funds and a bounty commensurate with the discovery."
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The project managers have promised users, including node operators, liquidity providers and traders, a compensation once the problem is resolved and the network activity resumes. Network operations were suspended after the attack became known. According to June reports from the THORChain project, it has about $109 million in its reserves.
THORChain aims to create a decentralized liquidity protocol that allows assets from different networks to be exchanged with each other without the need to transfer them to third parties, such as centralized exchanges.