THORChain Hit by $10.7M Multi-Chain Exploit

Decentralized liquidity protocol THORChain has fallen victim to a sophisticated attack. According to data provided by on-chain sleuth ZachXBT, total damages from the exploit have now surpassed $10.7 million.

Developers moved swiftly to stabilize the situation, implementing a total pause on trading operations to safeguard remaining liquidity.

Anatomy of the breach

Initial estimates placed the loss at $7.4 million, but the figure was later revised upward as further evidence of the multi-chain drain emerged. The exploiters successfully siphoned assets across four major ecosystems: Bitcoin, Ethereum, BNB Chain, and Base.

The bulk of the stolen capital consisted of 36.75 BTC, valued at approximately $3 million at the time of the incident. An additional $7 million in various tokens was extracted through Ethereum, Base, and BNB Chain. ZachXBT has already identified and flagged the attacker's wallet addresses where the funds are currently held.

Emergency response

Developers confirmed the network-wide freeze via official communication channels. Halting the protocol is a standard emergency protocol in the DeFi sector, allowing the team to isolate the vulnerability and prevent the attacker from draining further liquidity from the pools.

Market fallout

The market reacted to the security breach with a sharp sell-off. According to CoinMarketCap, the project’s native token, RUNE, saw its value drop by 7.5% within 24 hours of the news breaking.

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