THORChain Halted Trading After Multi-Million Dollar DeFi Exploit

THORChain, a cross-chain DeFi protocol, has temporarily halted trading due to a reported multi-chain exploit. The incident is believed to have resulted in the loss of over $10 million worth of cryptocurrency assets.

The attack appears to have involved suspicious withdrawals on multiple chains, including Bitcoin, Ethereum, BNB Chain, and Base-linked assets. According to tracking data, the attackers allegedly took approximately 36.75 BTC, valued at around $3 million, along with an additional $7 million in bridged assets.

THORChain has stopped trading to prevent further liquidity drains or potential cascading exploits across linked pools. The protocol serves as a crucial infrastructure for decentralized cross-chain swaps, and disruptions may impact various ecosystems, wallets, aggregators, and liquidity suppliers.