THORChain confirms $10M exploit, rolls out recovery portal for affected users

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THORChain’s recovery portal. Source: THORChain Affected users have 21 days to submit claims. The refund window closes on June 4, after which any unclaimed allocation rolls over to the protocol’s insurance fund. Related: Russia-linked crypto exchange Grinex halts trading after $14M hack In an incident update, THORChain said the leading theory is that the attacker exploited a vulnerability in the GG20 threshold signature scheme (TSS) implementation, which allowed sensitive vault key material to leak gradually. By accumulating enough of this leaked data over time, the attacker was able to reconstruct the vault’s private key and authorize unauthorized outbound transactions. The protocol also noted that a newly churned node entered the network several days before the attack and is currently believed to be associated with it, with onchain links identified between the node’s bonding addresses and the wallets that received the stolen funds. “The Treasury is actively collecting forensic data and coordinating with Outrider Analytics and relevant law enforcement agencies in an effort to identify the attacker and pursue recovery of stolen funds where possible,” the protocol wrote. Related: Law enforcement freezes $41M connected to $150M crypto Ponzi collapse Crypto hacks surged in April, with total losses reaching $629.7 million, the worst month for the industry since February 2025, when $1.47 billion was stolen. KelpDAO’s $293 million exploit and Drift Protocol’s $280 million hack drove the bulk of the damage, together representing 82% of April’s losses and cementing DeFi as the most targeted sector. The pattern of attacks points to a shift in how protocols are being compromised, with bridges, privileged access and operational failures increasingly at the root of major incidents rather than straightforward smart contract bugs. Magazine: AI-driven hacks could kill DeFi — unless projects act now More on the subject

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