Thorchain suffered an estimated $10 to $11 million exploit on Friday, after attackers used vault churn address poisoning to redirect funds during a routine migration process across multiple blockchains. Thorchain Funds Compromised Onchain investigator ZachXBT first flagged the incident via his Telegram channel, placing initial losses above $7.
How THORChain lost over $10 million through a protocol exploit.
Cross-chain DeFi protocol THORChain has suspended trading, following what appears to be a significant multi-chain exploit that may have depleted over $10 million in cryptocurrency assets. Suspicious withdrawals involving Bitcoin, Ethereum, BNB Chain, and Base-linked assets have been reported by security researchers and on-chain investigators such as PeckShield.
The liquidity protocol halted operations after blockchain researchers identified a suspected $10 million breach across multiple networks.
ZachXBT says THORChain may have lost over $10M in a multi-chain exploit as the network halts trading and RUNE drops after alert.
ZachXBT raises the alarm as THORChain suffers a multi-chain exploit, prompting an emergency network halt.
RUNE slides 15% as THORChain hack hits Bitcoin, Ethereum, BSC, and Base, with $10.8M reportedly drained.
The repeated security breaches could undermine trust in decentralized protocols, potentially impacting user adoption and market stability. THORChain loses $11 million in suspected exploit as RUNE tumbles 13%.
THORChain said that protocol upgrade v3.18 shipped with 51 merged requests, introducing foundations for Protocol-Owned Liquidity and the ADR-026 Dynamic Fee Model. The release frames liquidity ownership and adaptive fees as core economic upgrades for the network.
THORChain refused to block funds from the KelpDAO exploit, reaffirming its stance as neutral, permissionless infrastructure. The protocol is preparing a tiered revenue-sharing model for integrators and a dynamic fee algorithm expected for version 3.18. Monero, TAO, and Polkadot integrations are underway; XMR could reach mainnet in approximately one week after final review.
THORChain launched its Native API, a proprietary interface that allows wallets, decentralized exchanges and aggregators to connect directly to the protocol's infrastructure to execute cross-chain swaps without relying on external providers such as Xchain.js or SwapKit.
THORChain closed March with a total volume of $801 million, below the $882 million recorded in February. This slight decline coincided with a market that attempted to stabilize following the sharp drops of the previous month. Retail sentiment remained subdued and macroeconomic uncertainty limited the momentum needed to sustain higher activity levels.