ZachXBT: THORChain exploit may exceed $10M as network institutes global halt
Blockchain investigator ZachXBT warned Monday that THORChain appears to have been hit by a multi-chain exploit spanning Bitcoin, Ethereum, BSC and Base, and that initial loss estimates may be too low. Early reports put the theft at roughly $7.4 million; ZachXBT said his updated on-chain accounting pushed the figure to at least $10 million.
The investigator also pushed back on a third-party alert that circulated without independent verification, tweeting, “Can tell because they did not check the numbers themselves / chains listed.” He cautioned that the figure was still an estimate and required full confirmation through continued on-chain tracking.
In response to the incident, THORChain paused trading and triggered a global emergency halt across the network, community alerts show. According to THORChain’s security documentation, the HaltTrading setting stops trading and observations across connected chains while allowing the THORChain blockchain and native RUNE transactions to continue. The project describes the switch as an emergency control operated by node operators to limit activity while teams assess affected routes and potential losses.
The market reacted quickly: RUNE dropped about 15% within minutes of the exploit claims, sliding from above $0.58 to near $0.50. Crypto.news market data showed RUNE at $0.58 at press time, with 24-hour volume of $32.46 million and a market cap near $204.88 million—though prices were still adjusting and the token remains down more than 70% year-over-year.
This incident adds to growing scrutiny of cross-chain protocols. In April, Crypto.news reported that funds from the roughly $290 million Kelp DAO exploit were routed through THORChain and Umbra, as attackers moved about $175 million in ETH across new wallets. Cross-chain movement can complicate recovery efforts by scattering stolen assets across multiple chains.
ZachXBT has been vocal in other high-profile exploit debates as well; Crypto.news previously covered his criticism of Circle’s handling of funds linked to the $285 million Drift Protocol hack. The latest THORChain alert underscores the continuing tension between speed of response and the technical challenges of tracing and containing multi-chain attacks. Teams and on-chain sleuths are continuing to monitor flows and refine loss estimates.
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