THORChain ceases trading after ZachXBT flags $10M exploit
Decentralized liquidity protocol THORChain has suspended trading after blockchain investigator ZachXBT tipped off more than $10 million in suspected exploits.
THORChain Alerts Telegram channel all trading and signing stopped, global node pause extended until block 26191149, or approximately 12 hours and 42 minutes. The outage comes shortly after ZachXBT said its protocol was used on Bitcoin, Ethereum, BNB Chain and Base.
A wallet named as THORChain Exploit by Arkham showed $10.8 million in holdings, which was transferred in 30 minutes before 10:11 am UTC in several small transactions.
The alleged exploit adds to the growing security concerns surrounding decentralized financial protocols, after hackers stole more than $634 million in April, marking the highest monthly total since February 2025 of $1.46 billion, when hackers stole a record $1.4 billion from the Bitcoin exchange, Defilama data shows.
Cointelegraph reached out to THORChain for comment. Although ZachXBT and PeckShield have reported suspicious activity, the protocol has not officially confirmed the exploit at the time of publication, and THORChain alerts show that trading and signing have stopped.
Thorchain exploit-tagged wallet. Source: Arkham
After the exploitation was suspected, the price of RUNE decreased by 13%
THORChain's RUNE token is down 13% after the alleged exploit and was trading at $0.51 at the time of writing, CoinGecko data shows.
RUNE/USD, one day chart. Source: CoinGecko
The latest correction adds further pressure to Takayu's price action, which has fallen 72% over the past year.
Related: Kelp DAO Use Asks DeFi Protocols to Rethink Litecoin Providers
While not a cryptocurrency mixer like Tornado Cash, as an unguarded cross-chain protocol, THORChain has been frequently used by malicious actors to exchange stolen funds.
In early April, the attacker behind the $293 million Kelp DAO exploit exchanged 75,700 Ether (ETH) on THORChain, generating $910,000 in revenue for the protocol.
Of the $1.4 billion or nearly $1.2 billion stolen during the Bybit hack, the hackers moved through THORChain.
