THORChain Hit by $10M Exploit, RUNE Token Sinks 10%

THORChain suspended all trading Friday morning after blockchain security researchers flagged a suspected multi-chain exploit. The breach allegedly drained more than $10 million across Bitcoin, Ethereum, BNB Smart Chain, and Base networks.

Blockchain researcher ZachXBT and security firm PeckShield identified two suspected theft addresses linked to the losses. The protocol's team has not released technical details about the vulnerability.

THORChain's native token RUNE fell 10% on the day, trading at $0.5229 according to CoinGecko.

The exploit occurred during a period of elevated activity. THORChain processed $394 million in daily volume when hackers allegedly used it to move stolen funds from the KelpDAO breach between Ethereum and Bitcoin networks.

This is not the first security incident for the protocol. THORChain suspended its ThorFi lending operations in January 2025 amid insolvency allegations, implementing a 90-day restructuring to address $200 million in defaulted obligations.

Last September, THORSwap issued a bounty after hackers drained $1.2 million from founder John-Paul Thorbjornsen's personal wallet. ZachXBT later attributed that attack to North Korean hackers.