THORChain halted all trading after a suspected multi-chain exploit was flagged, allegedly resulting in losses exceeding $10 million. Security researchers identified two addresses linked to the theft affecting Bitcoin, Ethereum, BNB Smart Chain, and Base networks.
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THORChain halted trading operations Friday morning after blockchain security researchers identified a suspected exploit allegedly affecting more than $10 million across multiple blockchain networks.
Blockchain researcher ZachXBT and security firm PeckShield traced the suspected breach to two main addresses—one on Bitcoin and another on EVM-compatible chains including Ethereum, BNB Smart Chain, and Base. The researchers' analysis prompted THORChain's immediate defensive response.
#PeckShieldAlert @THORChain has been exploited for ~$10M worth of crypto, including 36.75 $BTC ($3M) and ~$7M worth of assets from #BNBChain, #Ethereum, and #Base.
The stolen funds mainly sit in:
bc1ql4u94klk265lnfur2ujk9p6uh52f2a8jhf6f37… pic.twitter.com/mhWIWueVPK
THORChain suspended trading due to a suspected multi-chain exploit that was flagged by security researchers.
The alleged losses from the THORChain exploit exceed $10 million.
The exploit affected Bitcoin, Ethereum, BNB Smart Chain, and Base networks.
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— PeckShieldAlert (@PeckShieldAlert) May 15, 2026
The protocol's team has not yet released technical details about the nature of the alleged vulnerability or confirmed the researchers' loss estimates. THORChain's native token RUNE is down 10% on the day to trade at $0.5229, per CoinGecko data.
The suspected exploit occurred during a period of elevated activity on THORChain. The protocol processed $394 million in daily volume when hackers allegedly used it to move stolen funds from the KelpDAO breach between Ethereum and Bitcoin networks.
The protocol suspended its ThorFi lending operations in January 2025 amid insolvency allegations, implementing a 90-day restructuring to address $200 million in defaulted obligations.
Last September, THORSwap issued a bounty after hackers drained $1.2 million from THORChain founder John-Paul Thorbjornsen's personal wallet, with ZachXBT later attributing the attack to North Korean hackers.
Cross-chain protocols continue facing sophisticated attacks as hackers exploit complex bridging mechanisms. DeFi platform TrustedVolumes lost $6.7 million earlier this month, while North Korean hackers stole $2.1 billion in cryptocurrency during 2025, representing 60% of all crypto theft losses, according to security firm CertiK.