Thorchain stops trading after $10 million cross-chain exploit, RUNE token drops 12%
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Decentralized cross-chain liquidity protocol THORChain was exploited for roughly $10.8 million on Friday, with the attack affecting deployments across four different blockchains.
Key facts
- 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, per Arkham Intelligence
- Thorchain's Mimir governance module flipped trading halt and signing halt parameters to active, with a node pause running for approximately 12 hours and 42 minutes from block 26190429
- Cross-chain bridges and liquidity protocols have historically been the most exploited category in DeFi, with over $2.8 billion in cumulative bridge-related theft since 2021 per Chainalysis
- Decentralized cross-chain liquidity protocol THORChain was exploited for roughly $10.8 million on Friday, with the attack affecting deployments across four different blockchains
Summary
Thorchain was exploited for about $10.8 million across four blockchains on Friday, prompting the protocol to halt all trading and signing operations. Wallets linked to the attacker currently hold roughly 3,443 ETH, 36.85 BTC and 96.6 BNB, while Thorchain’s RUNE token fell about 12 percent following the news. Thorchain has not yet released a post-mortem explaining the attack vector, underscoring ongoing security risks for cross-chain bridges and liquidity protocols, which have suffered more than $2.8 billion in thefts since 2021. In response, the protocol paused all trading and signing operations, according to on-chain investigator ZachXBT on Telegram.