THORChain halts trading after suspected multichain exploit; losses may exceed $10M
Blockchain investigator ZachXBT said Monday that THORChain appears to have suffered a multichain exploit affecting Bitcoin, Ethereum, BSC and Base, warning early loss figures likely understated the damage. Initial estimates put the theft at about $7.4 million, but ZachXBT said his updated on-chain tally indicates at least $10 million.
He also criticized an unverified third-party alert that circulated widely, writing on X: "Can tell because they did not check the numbers themselves / chains listed." ZachXBT emphasized the figure remains an estimate and requires further confirmation as tracking continues.
THORChain responded by pausing trading and initiating a network-wide emergency halt, according to community alerts. The protocol's security documentation says the HaltTrading setting stops trading and chain observations across connected networks while keeping the THORChain blockchain and native RUNE transfers operational. The project describes the mechanism as an emergency control used by node operators to limit activity while teams assess impacted routes and potential losses.
Markets moved quickly. RUNE fell roughly 15% within minutes of the exploit claims, dropping from above $0.58 to around $0.50. Crypto.news data showed RUNE at $0.58 at the time of publication, with $32.46 million in 24-hour volume and a market cap near $204.88 million, though pricing was still adjusting. The token remains down more than 70% year over year.
The episode adds to ongoing scrutiny of cross-chain protocols. In April, Crypto.news reported that funds tied to the roughly $290 million Kelp DAO exploit were routed through THORChain and Umbra, as attackers moved about $175 million in ETH through new wallets. Cross-chain transfers can hinder recovery by spreading stolen assets across multiple networks.
ZachXBT has also been prominent in other exploit-related disputes, including criticism previously covered by Crypto.news regarding Circle's handling of funds linked to the $285 million Drift Protocol hack. Teams and on-chain investigators are continuing to monitor flows and refine loss estimates.
