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THORChain Compromised With up to $7.6M Stolen

THORChain Compromised With up to $7.6M Stolen


THORChain is the latest DeFi project to be exploited, with estimations showing that the hackers might have swooped up to $7.6 million in digital assets. The team behind the decentralized exchange promised to make whole all affected users and requested the perpetrators to contact them to discuss the return of funds.

  • THORChain highlighted the hack on Twitter earlier on July 16th. The amount stolen remains unconfirmed as the initial estimations showed that it was more than 13,000 ETH – worth roughly $25 million at today’s prices.
  • However, the team later updated with new numbers of 4,000 ETH (- about $7.6 million). At the same time, other estimations suggested that the amount is even less – approximately $6 million.
  • In the official Telegram account, THORChain explained that node operators, swappers, and liquidity providers will have access to their funds “when the issue has been patched, and the network resumes.”
  • The team also promised that the treasury has the necessary funds to make all victims whole again and asked for the hackers to get in touch.
  • “While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss the return of funds and a bounty commensurate with the discovery.”

  • Later on, THORChain outlined its “recovery plan,” which is already in motion:
  • Upon executing the attack, the hackers paid “huge slip fees” of about $1.4 million, captured by nodes, and another $1.4 million caught by ERC-20 liquidity providers, the team explained.
  • As such, THORChain said, “only users affected are ETH LPs, and they will be made whole.”
  • It’s worth noting that the protocol experienced another hack recently. However, as “only” $140,000 was stolen, the team classified the network as “very mature and resilient.”
  • Shortly after the latest attack, the price of THORChain’s native token – RUNE – dumped by nearly 20%.
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