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Decentralized cross-chain liquidity protocol THORChain was exploited for roughly $10.8 million on Friday, with the attack affecting deployments across four different blockchains.
In response, the protocol paused all trading and signing operations, according to on-chain investigator ZachXBT on Telegram.
The attacker's wallets, identified across Bitcoin, Ethereum and BSC, currently hold 3,443 ETH worth $7.77 million, 36.85 BTC worth $2.97 million, and 96.6 BNB worth $66,000, per Arkham Intelligence.
Thorchain's Mimir governance module flipped trading halt and signing halt parameters to active, with a node pause running for approximately 12 hours and 42 minutes from block 26190429.
RUNE, the protocol's native token, dropped 12% on the news.
Thorchain operates as a decentralized cross-chain liquidity network, letting users swap native assets across different blockchains without wrapping or bridging through a centralized intermediary.
Crypto exploits have remained a persistent feature of the industry. In April alone, decentralized perpetual exchange Drift Protocol and liquid restaking protocol KelpDAO together accounted for over $600 million in losses.
Cross-chain bridges and liquidity protocols have historically been the most exploited category in DeFi, with over $2.8 billion in cumulative bridge-related theft since 2021 per Chainalysis.
The protocol has not yet published a post-mortem identifying the specific attack vector.
bitcoinworld.co.in
