(technical community)

Overview

thornode v0.60.0 was deployed, and NOs were asked to upgrade and re-enable their nodes. The THORChain blockchain was restarted when 2/3 of all active nodes became operational again.

Immediately following chain activation, arbitrageurs began operating in economically-incentivized activity by arbing pools in the opposite direction that THORchain needed to return to equilibrium.

To prevent further economic damage to the state of the system, NOs were asked to shut down their nodes once more.

Observations

Community had the impression that most of the peoples controlling twitter and announcements were unavailable due to timezone and that it could be more spread out.
Community had the impression that there was no clear announcement of what was going on.
Community were surprised that 1 dev went ahead and re-enable the trading (via mimir), even if most of the discussion were suggesting otherwise, and to take the time required to evaluate the situation and not rush things. Node operator were (badly?) assumed to be approving the resume of trading, by bringing their node online while installing the latest patch. The mimir was changed without much warning, everyone was caught by surprise by it.
Community debated for hours of how the loss should be counted, and what it should include.
Community debated for hours about who should cover the loss for the incident, LP, Arb, Nodes, Treasury?
For many hours, most of the idea exchanges were made in the #mccn chat instead of #general.
The general feel of the community was to take the time to do things right instead of rushing to get the network back online.

Economic

Swappers/Arbers were trading RUNE for ETH, draining the remaining ETH from the system, since ETH was still priced at $350USD.
- This meant these swaps profited incredibly well since they received far more ETH out of the swap than the globally-recognized price of ETH would normally allow
Swappers/Arbers were trading YFI for RUNE, obtaining far more RUNE than the globally-recognized price of YFI would normally allow
The community became angered at even more actors profiting from THORChain's problems. First the attacker stole money, and now swappers were taking more from the pools