Thorchain Suspends Trading After $10.8 Million Exploit, RUNE Token Plummets
Thorchain halts trading after $10 million cross-chain exploit, RUNE token drops 12%
Coindesk
Image: Coindesk
Thorchain, a decentralized cross-chain liquidity protocol, suspended all trading after an attacker exploited vulnerabilities, draining approximately $10.8 million from its platform. The incident caused the RUNE token to drop by 12%, highlighting ongoing security concerns in the decentralized finance (DeFi) sector.
- 01The attack affected four blockchains, including Bitcoin, Ethereum, Binance Smart Chain (BSC), and Base.
- 02The attacker’s wallets currently hold approximately 3,443 ETH, 36.85 BTC, and 96.6 BNB.
- 03The trading halt lasted for about 12 hours and 42 minutes, initiated by Thorchain's governance module.
- 04Since 2021, cross-chain bridges and liquidity protocols have faced over $2.8 billion in thefts.
- 05Thorchain has not yet provided a post-mortem report detailing the attack vector.
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On Friday, Thorchain, a decentralized cross-chain liquidity protocol, was exploited for approximately $10.8 million, leading to an immediate suspension of all trading and signing operations. The attack affected multiple blockchains, including Bitcoin, Ethereum, Binance Smart Chain (BSC), and Base. Following the exploit, the native token, RUNE, experienced a 12% drop in value. The attacker’s wallets reportedly hold around 3,443 ETH (valued at $7.77 million), 36.85 BTC (approximately $2.97 million), and 96.6 BNB (about $66,000). The governance module of Thorchain activated a trading halt for approximately 12 hours and 42 minutes to mitigate further risks. This incident underscores the persistent vulnerabilities in cross-chain bridges and liquidity protocols, which have collectively suffered thefts exceeding $2.8 billion since 2021, as reported by Chainalysis. As of now, Thorchain has not released a post-mortem analysis explaining how the exploit occurred, leaving users and stakeholders concerned about security in the decentralized finance landscape.
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This incident raises concerns about the security of decentralized finance platforms, potentially affecting user trust and investment in such protocols.
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