Thorchain halts trading after $10 million cross-chain exploit, RUNE token drops 12%

CoinDesk·

Thorchain halts trading after $10 million cross-chain exploit, RUNE token drops 12%

60-second summary

Thorchain is currently halting trading and signing after a $10.8 million cross-chain exploit, with an attacker draining funds across Bitcoin, Ethereum, BSC, and Base. The RUNE token has dropped 12%, its price plummeting due to the security breach. This significant loss of funds and trading halt will likely impact Thorchain's reputation and investor confidence in the cross-chain liquidity protocol.

The cross-chain liquidity protocol paused all trading and signing on Friday after an attacker drained roughly $10.8 million across Bitcoin, Ethereum, BSC, and Base.