THORChain has temporarily halted trading and swaps after suffering a major exploit reportedly worth more than $10 million. The security breach affected multiple blockchain networks and triggered a sharp sell-off in the protocol’s native token, RUNE.
THORChain Suffers Multi-Chain Exploit Worth Over $10 Million
Blockchain investigator ZachXBT revealed that THORChain experienced a significant exploit on May 15, with losses estimated above $10 million. The attack reportedly impacted assets across several major networks, including Bitcoin, Ethereum, BNB Smart Chain (BSC), and Base.
The exploit involved unauthorized transfers linked to THORChain’s router contracts, raising fresh concerns about vulnerabilities within cross-chain infrastructure and decentralized finance protocols.
Emergency Halt Activated to Protect Users
Following the incident, THORChain activated its emergency response mechanism and paused all trading and swap activity. The built-in safeguard is designed to stop protocol operations when suspicious activity is detected, helping protect liquidity providers and reduce further losses.
The move aims to contain the exploit while developers and security teams investigate the breach.
Attacker Wallets Hold Millions in Crypto Assets
Security firms and blockchain analytics platforms, including PeckShieldAlert, identified wallets believed to be connected to the exploit. Data indicates the addresses currently hold substantial amounts of digital assets, including:
- 36.85 BTC
- 3,443 ETH
- 96.6 BNB
- Additional holdings in USDT, USDC, WBTC, and other tokens
The information, reportedly sourced from Arkham Intelligence, highlights the scale of the stolen funds.
Second Security Incident Raises Concerns Around THORChain
Reports suggest this may be THORChain’s second major security event in 2026, increasing concerns over risks associated with DeFi interoperability and cross-chain liquidity systems.
The exploit follows other major incidents in decentralized finance. Recently, KelpDAO reportedly suffered losses of around $290 million linked to a cross-chain bridge attack, raising fears of wider contagion across interconnected protocols.
RUNE Price Drops 12% as Panic Selling Increases
The market reacted quickly to the news, with THORChain’s native token RUNE falling roughly 12% within hours. The token traded near $0.520 at the time of reporting, after moving between a daily low of $0.502 and a high of $0.597.
Trading activity surged sharply, with volume increasing by nearly 140% over 24 hours as investors rushed to exit positions.
Derivatives Traders Increase Exposure Despite Sell-Off
Interestingly, futures market data showed growing activity despite the exploit. According to CoinGlass, THORChain futures open interest climbed over 6% within an hour to reach approximately $24.8 million.
RUNE futures open interest also surged around 19% over four hours, with strong increases recorded on major exchanges including Binance and Bybit.
The spike in leveraged activity suggests traders may be positioning for increased volatility or a potential recovery after the sharp decline.
