THORChain paused trading and signing on May 15 after a major multi-chain exploit drained about $10 million to $10.8 million. The attack affected Bitcoin, Ethereum, BNB Chain, and Base. Soon after, RUNE, the network’s native token, dropped sharply as traders reacted to the security scare.
Exploit Raises Fresh Security Concerns
On-chain investigator ZachXBT first flagged the incident. Early findings suggest attackers used address-poisoning tactics to manipulate THORChain’s vault churn process.
DeFiLlama’s hacks database listed the attack as a THORChain DEX exploit tied to “Protocol Logic” and “Vault Churn Address Poisoning.” The reported loss stood near $10 million.
Key details include:
- Trading and signing paused on May 15
- Losses reached roughly $10 million to $10.8 million
- The exploit affected several major blockchains
- RUNE fell around 12% to 15% after the halt
RUNE Price Falls as Traders React
The market response came fast. RUNE saw a double-digit decline as investors weighed the risk of using decentralized cross-chain swap platforms.
This breach matters because THORChain promotes native asset swaps without centralized custodians. Therefore, any weakness in its vault or signing system can damage confidence quickly.
THORChain Faces More Pressure
The exploit comes after recent debate over THORChain’s role in moving funds linked to other hacks. In April, reports said wallets tied to the Kelp DAO exploit moved most of about $175 million in stolen Ether through THORChain.
Now, investors want clear answers. Security teams will likely study how attackers handled addresses during vault churn. This process helps rotate custody duties across the network.
For now, THORChain must show that the issue is contained. A detailed post-mortem and strong fix could help rebuild trust. However, the exploit may continue to weigh on liquidity, user confidence, and RUNE’s price in the near term.
