Due to a Software Defect, THORChain Experiences Downtime

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Last Updated on October 29, 2022 by Bitfinsider

Cross-chain exchange standard After a 20-hour outage caused by a software issue, the Thorchain network is back online.

On Friday around 1:45 p.m. UTC, Thorchain validators rebooted the network and began creating new blocks. The Thorchain team stated on Twitter that the network is not yet fully operational for on-chain trades, which will be enabled in a few hours once the transaction backlog has been cleared.

“THorchain is operational and producing blocks again. The network is currently signing outgoing transactions, so pending swaps should begin to settle. Once the backlog has been eliminated, trading will resume. ETA 2 to 3 hours “The Thorchain team stated.

Yesterday, the Thorchain network validators lost consensus owing to a “unique transaction type” software fault that broke their nodes’ connection. The problem stopped validators from validating fresh network transactions.

Thorchain was unable to validate new transactions for twenty hours, per its official block explorer. During the interruption, investors incurred no losses. On controlled exchanges, like as Kucoin, deposits and withdrawals for RUNE, the native currency of Thorchain, were suspended.

Later, the development team working on Thorchain, Nine Realms, issued a fresh version for node operators that includes the software bug fix. The Thorchain team has provided validators with information on how to upgrade to the new software.

After the majority of validators upgraded their software and gained consensus once more, the network was restarted.

Although this was Thorchain’s first network outage, the project had previously dealt with security challenges. Thorchain’s cross-chain swap security flaws were exploited many times in 2017, leading in over $13 million in damages.

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