securitytokenization

👀THORChain Suffers THEFT of US$ 10.7 Million.

The THORChain protocol, a platform that enables swapping cryptocurrencies across different networks (like Bitcoin for Ethereum) without intermediaries, experienced a hacker attack resulting in the theft of approximately US$ 10.7 million.

Confirmed Data:

Loss in Bitcoin (BTC): About 36.8 BTC (valued at US$ 3 million) was drained.

Loss in EVM Networks: Another US$ 7.7 million was stolen from Ethereum, BNB Chain, and Base networks.

Hacker's Action: The intruder attacked the central vaults (Asgard vaults) and converted the assets into ETH and BTC.

Impact on RUNE Coin: The native token plummeted about 12%, trading near US$ 0.51.

What Was Done? (Fund Security):

Network Frozen: The operators paused all trading via the Mimir module to contain additional losses.

Is Your Money Safe? Yes. The team confirmed that individual user wallets were not affected. The loss was concentrated in the protocol's internal funds and pools.

Automatic Penalty: The system applied a slashing mechanism that penalizes the RUNE coins of the involved validators.

The Future of the Protocol and the Losses:

Irrecoverable Loss: Since the attack hit the platform's internal liquidity (and not individual accounts), there are no common users directly robbed waiting for reimbursement. However, the drained funds from the protocol's treasury are considered lost irretrievably due to the anonymity of the wallets.

Future Directions for THORChain: The protocol will undergo a severe code review and audit before fully reopening. The team will focus on upgrading defenses against multichain vulnerabilities, which have historically been the biggest security challenge in the DeFi sector.

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