THORChain Halts Trading After Suspected $10M+ Multi-Chain Exploit
THORChain suspended all trading on Friday after security researchers flagged a suspected multi-chain exploit affecting Bitcoin, Ethereum, BNB Smart Chain, and Base networks. Blockchain researcher ZachXBT and security firm PeckShield identified two suspected theft addresses linked to alleged losses exceeding $10 million. The protocol halted operations while investigating the potential security breach. The suspected exploit occurred during a period of elevated activity on THORChain, which processed $394 million in daily volume when hackers allegedly used it to move stolen funds from the KelpDAO breach. THORChain's native token RUNE dropped 10% to $0.5229. This incident follows previous security issues: THORChain suspended its ThorFi lending operations in January 2025 amid insolvency allegations, and in September 2024, THORSwap issued a bounty after hackers drained $1.2 million from founder John-Paul Thorbjornsen's personal wallet, later attributed to North Korean hackers. The exploit highlights ongoing risks for cross-chain protocols.
Key facts
- THORChain halted trading after suspected exploit on Bitcoin, Ethereum, BNB Chain, and Base.
- Researchers ZachXBT and PeckShield identified two addresses linked to over $10 million in losses.
- Native token RUNE dropped 10% to $0.5229 following the news.
- THORChain previously suspended lending in January 2025 over insolvency issues.
- Cross-chain protocols face rising attacks; $2.1B stolen in 2025, per CertiK.