THORChain pauses trading as security researchers flag suspected $10M multi-chain exploit
Quick Take
- THORChain paused trading after blockchain security researchers flagged a suspected exploit spanning Bitcoin, Ethereum, BNB Smart Chain, and Base.
- ZachXBT and PeckShield estimated losses at over $10 million.
- The incident marks the latest in a recurring series of security events for the cross-chain liquidity protocol.
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THORChain paused trading after blockchain security researchers ZachXBT and PeckShield flagged a suspected exploit spanning Bitcoin, Ethereum, BNB Smart Chain and Base, with estimated losses of more than $10 million.
ZachXBT and PeckShield both identified two alleged theft addresses on the Bitcoin network and EVM-compatible chains.
THORChain confirmed one of its six Asgard vaults was compromised for approximately $10.7 million in protocol-owned funds, saying initial indications show no individual user swaps were affected.
RUNE fell as much as 11% on the news, trading around $0.52 at the time of publication, according to CoinGecko data.
The incident adds to a pattern of previous security and operational disruptions involving the cross-chain liquidity protocol.
THORChain previously suspended its ThorFi lending operations in January 2025 amid insolvency allegations and implemented a 90-day restructuring through validators.
The protocol subsequently resolved a $200 million debt crisis by converting defaulted obligations into a new equity-style token.
In September 2025, THORSwap issued a bounty following a roughly $1.2 million exploit of THORChain founder John-Paul Thorbjornsen's personal wallet, which ZachXBT linked to North Korean hackers.
The protocol has also emerged repeatedly as a cross-chain laundering route in unrelated exploits.
One of the most recent cases occurred when funds from the Kelp DAO hack were moved from ETH to BTC via THORChain, spiking its daily volume to $394 million, as The Block reported.
This is a developing story.
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