THORChain, the decentralized cross-chain liquidity protocol that enables swaps between major blockchain networks, appears to have been exploited for approximately $11 million across Bitcoin, Ethereum, Binance Smart Chain, and Base, according to on-chain investigator ZachXBT.
The breach, which surfaced in the early hours of Friday, is at least the third security incident for the protocol in recent years.
Trading on the protocol was paused following the incident. The project has yet to respond publicly to reports of the suspected exploit.
RUNE dropped approximately 13%, falling from $0.58 to $0.5, per CoinGecko.
This is a developing story. We’ll update as we learn more.
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