Crypto Quill

Thunder Terminal, a decentralized exchange (DEX) platform that allows users to trade across multiple blockchains, has been hacked by an unknown attacker who stole over 86 ETH (worth about $300,000) from its liquidity pools. The hack occurred on December 27, 2023, and was announced by the Thunder Terminal team on their Discord channel.

How the Hack Happened

According to the Thunder Terminal team, the attacker exploited a vulnerability in the smart contract that handles the cross-chain bridge between Ethereum and Binance Smart Chain (BSC). The attacker was able to bypass the security checks and withdraw more ETH than they deposited, resulting in a loss of funds for the liquidity providers.

The team said that they have contacted the security audit firm that reviewed their code and are working on a solution to prevent such attacks in the future. They also assured the users that they will compensate them for their losses once the investigation is completed.

The Impact of the Hack

The hack has caused a significant drop in the total value locked (TVL) of Thunder Terminal, which fell from over $12 million to less than $4 million in a matter of hours. The price of the native token of Thunder Terminal, THUNDER, also plummeted by more than 50%, reaching a new all-time low of $0.02.

The hack has also raised questions about the security and reliability of cross-chain DEX platforms, which aim to offer users more options and flexibility in trading across different blockchains. However, these platforms also face more challenges and risks in ensuring the safety of their funds and users, as they have to deal with multiple smart contracts, bridges, and networks.

The Response of the Community

The hack has sparked mixed reactions from the crypto community, with some users expressing their sympathy and support for the Thunder Terminal team, while others criticizing them for their negligence and incompetence. Some users also suggested that the hack was an inside job or a rug pull, a term used to describe a fraudulent scheme where the developers abandon the project and run away with the funds.

The Thunder Terminal team has denied any involvement in the hack and said that they are fully committed to resolving the issue and restoring the trust of their users. They have also asked the users to be patient and refrain from spreading false rumors or accusations.

The Future of Thunder Terminal

Despite the hack, the Thunder Terminal team said that they are not giving up on their vision and mission of building a cross-chain DEX platform that offers users the best trading experience and opportunities. They said that they will continue to work hard and improve their platform, as well as collaborate with other projects and partners in the crypto space.

They also thanked the users for their support and understanding, and promised to update them on the progress and developments of the situation. They urged the users to stay tuned and follow their official channels for the latest news and announcements.