Thorchain Suffers $10M Hack Across Multiple Networks

Hacking incidents are still very common in cryptocurrency markets. The latest big event involves THORChain ($RUNE), which appears to have been attacked.

According to recent reports, the attack hit THORChain on Bitcoin ($BTC), Ethereum ($ETH), BNB Chain, and Base networks. Early estimates put the potential loss at around $10 million.

Blockchain security firm Cyvers Alert was among the first to flag the incident. In a post, they said the stolen funds include tokens like USDT, USDC, WBTC, DAI, THOR, LUSD, XRUNE, GUSD, AAVE, LINK, and FOX. The attackers have been converting most of these assets into ETH and consolidating them into a single wallet address.

Details From Security Analysts

Another cybersecurity firm, PeckShieldAlert, also weighed in. They confirmed that roughly $10 million worth of cryptocurrency was taken. That includes about 36.75 BTC (worth around $3 million) and another $7 million or so from BNBChain, Ethereum, and Base networks.

The attack seems to have exploited vulnerabilities in THORChain’s cross-chain swap mechanism. The protocol allows users to swap assets across chains without wrapping tokens, which has always been a complex area to keep secure.

Market Reaction

Unsurprisingly, the price of THORChain’s native token, $RUNE, took a hit after the news broke. Like many altcoins, it saw a noticeable drop in value. Bitcoin and a handful of other altcoins also showed mild dips, though it’s hard to tie those directly to the THORChain incident given the broader market’s current volatility.

This event is a reminder that even established protocols with major exchange listings aren’t immune to attacks. The crypto space has seen a long string of hacks, and this one adds to the list. Users might want to review their cross-chain activity for now.

As of now, the investigation is still ongoing. Whether the funds can be recovered remains uncertain.

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