WuBlockchain
THORChain paused trading and triggered a global emergency halt on Tuesday after blockchain investigator ZachXBT reported that the protocol was exploited across Bitcoin, Ethereum, BSC, and Base, with losses potentially exceeding $10 million.
The cross-chain drain follows a pattern of repeated security incidents at the protocol, which positions itself as a native-asset swap layer routing liquidity directly between Bitcoin, Ethereum, and EVM chains. THORChain suffered multiple network halts and a roughly $7.6 million exploit in 2024, and the latest event marks another credibility hit for a venue that has marketed itself on its uptime and decentralization.
Why it matters
THORChain's core pitch has been censorship-resistant native swaps — the ability to move value between Bitcoin and EVM chains without wrapping or bridging. Each successful exploit undermines that pitch: if the protocol can be drained across four chains simultaneously, the security model needs scrutiny, not just a hotfix. The emergency halt also means a third-party bridge or vault layer was likely compromised rather than the consensus layer itself, which is a narrower failure mode but still a meaningful one for depositors.
Market impact
The RUNE token traded lower as the halt was confirmed, reflecting the pattern of post-exploit weakness that has followed previous THORChain incidents. Cross-chain swap volume through the protocol, already a small slice of total DEX activity, will likely take weeks to recover if the team can resume trading at all without additional mitigations.
Frequently asked questions
-
What happened to THORChain on Tuesday?
THORChain paused trading and executed a global emergency halt after blockchain investigator ZachXBT reported the protocol was exploited across Bitcoin, Ethereum, BSC, and Base, with losses potentially exceeding $10 million.
-
How much was lost in the THORChain exploit?
ZachXBT stated losses may exceed $10 million across the affected chains. The full extent is still being confirmed as the investigation continues.
-
Which chains were affected by the THORChain exploit?
The exploit was reported across Bitcoin, Ethereum, BSC, and Base, pointing to a compromise in a third-party bridge or vault layer rather than the consensus mechanism itself.
-
Has THORChain been exploited before?
Yes. THORChain suffered multiple network halts and a roughly $7.6 million exploit in 2024, making the latest incident another major credibility hit for the protocol.
-
What is THORChain and what does it do?
THORChain is a cross-chain liquidity protocol that allows native-asset swaps between Bitcoin, Ethereum, and EVM chains without wrapping or bridging. It markets itself on uptime and censorship resistance.
CoinDesk
Crypto News
Lookonchain
TheBlock
CryptoSlate