Is THORchain scam? Discover this RUNE coin

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Due to the high rate of scam in cryptocurrency, a lot of traders have been trading in fear and most have also given up. According to the research, THORChain is one of the 100 most popular cryptocurrency and RUNE which is its own cryptocurrency are among the most popular digital currencies. Could THORchain be scam? Let’s find out from this review.

What is THORchain and RUNE?​

THORChain was conceptualized in 2018 by a team participating in a Binance Dexathon (decentralized exchange coding competition). THORChain facilitates cross-chain liquidity and reduces the need for centralized exchanges and third parties within the DeFi space. It enables cross-chain swaps and yield generation on crypto-assets like Bitcoin and Ethereum.

RUNE is the native coin of THORChain. Within the network, it acts as a base pair for users to swap RUNE for any other supported asset. It has a supply of 500 million and four main use cases: settlement, security, governance and incentives.

THORChain had suffered from hacker's attack​

In July 2021, THORChain or RUNE coin lost $7.6 million from a “chaosnet” exploit. The protocol estimated a loss of around 4000 ETH which was compromised as a result of a hack on its blockchain.

“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,” said the THORChain team in a Telegram post.

THORChain’s native token RUNE fell by over 11% since the news of the attack on the protocol, while trading volume for the asset was up by over 200% to $143 billion.

The team also published an analysis of the attack on the network and a recovery plan for the stolen funds.

Not recommend by Reddit users​

The Reddit community highlighted that the THORChain platform uses a multi-signature (multi-sig) wallet, which is considered inefficient and very slow based on its transaction speed. To overcome this shortcoming, THORChain funds individual nodes to complete the majority of transactions. This gives the nodes complete control over the funds. If any funds are stolen, THORChain just slashes the amount away without taking into consideration the amount present with them.

Furthermore, THORChain has slip-based pools, and in case of a mass exit, the remaining users would be forced to pay huge slip fees, which would slow down the process of investors exiting their position.

That’s all we have collected to demonstrate THORChain or its native token RUNE is scam or legit. It is quite strange that popular review websites do not have any topic to discuss about the project. Therefore we still can’t confirm if WOO is a scam or not. We are looking forward to you providing us more information about it! Leave the comment below then we can start our discussion.

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