THORChain Hit by Over $10M Exploit: Trading Halted Across Bitcoin, Ethereum and Base

Blockchain researcher ZachXBT first highlighted unusual fund movements on Telegram and X, prompting swift action from the protocol. Shortly after the reports surfaced, THORChain paused all trading and signing operations. The pause was extended to block 26191149, providing roughly 12 hours for initial response measures.

How the Incident Unfolded

Investigators tracked wallets linked to the activity showing rapid transfers across chains. One wallet labeled by Arkham Intelligence held around $10.8 million shortly after the reported breach. PeckShield and other security accounts also issued alerts confirming the scale of the movements.

THORChain has not yet released an official statement detailing the exact vulnerability at the time of reporting. The protocol’s design, which enables native cross-chain swaps through liquidity vaults and validator coordination, inherently carries elevated risks compared to single-chain platforms.

Market Reaction and RUNE Price Impact

THORChain’s native token RUNE dropped sharply following the news. Reports indicate declines between 13% and 15%, pushing the price near $0.50–$0.51 levels from above $0.58 shortly before the reports emerged. The move adds to broader yearly pressure on the token.

Broader Context in DeFi Security

This event continues a challenging period for decentralized finance. Industry data shows significant losses from exploits in recent months, with April alone seeing over $600 million drained across various protocols. Cross-chain infrastructure remains a frequent target due to the complexity of bridges, oracles, and multi-network coordination.

THORChain has previously processed large volumes of swapped assets from other incidents, including portions of major exploits. While the protocol itself is not a mixer, its liquidity routing capabilities have drawn attention in laundering discussions.