THORChain Trading Halted Due to Suspected Exploit of Over $10 Million

Decentralized liquidity protocol THORChain has paused trading due to a suspected exploit of over $10 million. The halt was prompted by blockchain investigator ZachXBT's discovery of suspicious activity across multiple blockchains, including Bitcoin, Ethereum, BNB Chain, and Base.

The suspected exploit was identified when a wallet labeled as the THORChain exploiter showed $10.8 million in holdings, transferred across several smaller transactions before 10:11 am UTC. This incident adds to the mounting security concerns around decentralized finance (DeFi) protocols, which have faced significant security breaches in recent months.

The RUNE token, used by THORChain, has fallen by around 13% following the suspected exploit and traded near $0.51 at the time of writing, according to CoinGecko data. This correction adds additional pressure to the token's price action, which is down 72% during the past year.