THORChain Announces Credible Security Vulnerabilities Found in TSS Protocol

According to reports, THORChain, a decentralized cross chain transaction protocol, has officially stated that developers and security teams have determined that the report of potential vulnerabilities in the morning is credible (related to TSS), but no node can exploit the current vulnerability. Churn is disabled pending repair. Trading/LP/Savers Vaults have all been restored.

THORChain: It has been determined that the potential vulnerability report is trusted, but no node can exploit the vulnerability

Decentralized finance (DeFi) and cross-chain transactions have been the talk of the cryptocurrency world lately. One of the most popular DeFi protocols that enables cross-chain transactions is THORChain. Recently, THORChain announced that developers and security teams have determined that the report of potential vulnerabilities in the TSS protocol is credible. In this article, we will delve deeper into what THORChain is, what TSS protocol is and the recent security vulnerabilities that have been found.

What is THORChain?

THORChain is a decentralized cross-chain transaction protocol that enables users to swap cryptocurrencies across different blockchains in a trustless manner. THORChain aims to be the go-to protocol for cross-chain asset swapping, and unlike other protocols, it does not require an intermediary entity to facilitate transactions.

What is TSS Protocol?

THORChain uses a Multi-Party Computation (MPC) algorithm called Threshold Signature Scheme (TSS) protocol to achieve cross-chain asset swapping. TSS protocol is a cryptography-based algorithm that involves multiple parties to sign a message. In THORChain, the parties that participate in the TSS process are validators. The TSS protocol ensures the security of the transactions by safeguarding the users’ private keys.

Recent Security Vulnerabilities Found in TSS Protocol

According to reports, THORChain has disabled all churns pending repair. Churn is a process where validators are rotated out, and new validators take their place. The reason for disabling churn is due to the report of potential vulnerabilities found in the TSS protocol. Although no node can exploit the current vulnerability, THORChain is taking precautions to avoid any potential risks.
As a result of the security vulnerabilities found, the Trading/LP/Savers Vaults were all temporarily shut down to prevent any malicious actors from exploiting the vulnerability. However, THORChain has stated that the Trading/LP/Savers Vaults have all been restored and the platform is fully functional.

Conclusion

The recent credible security vulnerabilities found in THORChain’s TSS protocol have stirred up concerns amongst its users. However, THORChain’s decision to temporarily shut down the Vaults and disable the churn process shows that the platform takes security seriously. It is crucial for any DeFi protocol to continuously invest in its security to strive towards a more secure and resilient platform.

FAQs

1. Is THORChain still functional?

Yes, THORChain is fully functional, but trading, liquidity provision, and saving have been temporarily disabled during the maintenance period when the vulnerability was discovered. They have since been restored.

2. What is TSS protocol?

TSS protocol is a Multi-Party Computation (MPC) algorithm that THORChain uses to achieve cross-chain asset swapping. It’s a cryptography-based algorithm that involves multiple parties to sign a message to ensure the security of transactions.

3. Why did THORChain disable churn during the maintenance period?

THORChain’s decision to disable churn during the maintenance period was due to a report of credible security vulnerabilities found in the TSS protocol. Although no node can exploit the current vulnerability, THORChain took precautions to prevent any potential risks.