Crypto Weekly Hack Report: $93M Losses from ThorChain and $70M Hack on Phemex

The post Crypto Weekly Hack Report: $93M Losses from ThorChain and $70M Hack on Phemex appeared first on Coinpedia Fintech News

Several events have impacted DeFi projects and exchanges throughout this week. While ThorChain announced insolvency to suspend its operations leaving behind a $93 million deficit, Singapore-based Phemex endured a hack resulting in over $70 million in losses. The crypto ecosystem experienced rising security breaches and frauds through meme coins, social media misuse and Google Ads-based malware activities. 

ThorChain announced a critical financial crisis which proved to be insolvency with a staggering $200 million of outstanding debts against its $107 million in assets. To prevent disaster through a banking run, the team decided to deactivate portions of the protocol for three months to create a recovery strategy. 

.@THORChain is insolvent

In the event of any large debt redemption and/or savers & synths deleveraging, it is certain that TC cannot meet its bitcoin and eth denominated obligations.

Validators decided to pause the network while they vote a restructuring plan