Key Takeaways:
- THORChain paused all network activity after a reported $10.8 million exploit.
- The attack affected assets across Bitcoin, Ethereum, BSC, and Base.
- The protocol's RUNE token fell more than 12% following the news.
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Thorchain halts trading after $10.8 million multi-chain exploit
Cross-chain liquidity protocol THORChain halted all trading and signing operations on Friday after an attacker drained approximately $10.8 million across four blockchains.
"I finished accounting again now and it looks to be $10M+ stolen at least," on-chain investigator ZachXBT wrote, who first raised the public alert.
According to data from Arkham Intelligence, the attacker’s wallets, identified across Bitcoin, Ethereum and BSC, currently hold 3,443 ETH worth $7.77 million, 36.85 BTC worth $2.97 million, and 96.6 BNB worth $66,000.
The exploit highlights the persistent security risks facing cross-chain protocols, which have lost over $2.8 billion to theft since 2021, according to security firm Chainalysis. The event is expected to damage confidence in THORChain and may lead to a sustained drop in its total value locked as users reassess the platform's security.
The protocol's native RUNE token dropped about 12% on the news to trade near $0.51, based on CoinGecko data, adding to a 72% decline over the past year. In response to the alert, THORChain’s governance module activated a global emergency halt to prevent further losses while developers investigate the vulnerability. The protocol has not yet released a post-mortem explaining the attack vector.
THORChain has previously been used by hackers to swap stolen funds, including assets from the $293 million Kelp DAO exploit and the $1.4 billion Bybit hack, according to statements from Bybit's CEO.
This article is for informational purposes only and does not constitute investment advice.
[1] Thorchain halts trading after $10 million cross-chain exploit, RUNE token drops 12%[2] ZachXBT Issues THORChain Alert As Multi Chain Losses May Exceed Ten Million[3] THORChain’s RUNE Token Plunges Double Digits After $10M Exploit, Trading Halt[4] THORChain pauses trading after suspected $10M exploit
