THORChain pauses trading after suspected $10M exploit

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Thorchain exploiter-tagged wallet. Source: Arkham THORChain’s RUNE token fell by around 13% following the suspected exploit and traded near $0.51 at the time of writing, according to CoinGecko data. RUNE/USD, one-day chart. Source: CoinGecko The latest correction adds additional pressure to the token’s price action, which is down 72% during the past year. Related: Kelp DAO exploit prompts DeFi protocols to rethink oracle providers As a non-custodial cross-chain protocol, THORChain has repeatedly been used by malicious actors to swap stolen funds, though it is not a cryptocurrency mixer like Tornado Cash. Earlier in April, the attacker behind the $293 million Kelp DAO exploit swapped 75,700 Ether (ETH) through THORChain, generating about $910,000 in revenue for the protocol. The majority of the $1.4 billion stolen during the Bybit hack, or about $1.2 billion, was also moved through THORChain by hackers, who swapped it from Ether to Bitcoin, according to Bybit co-founder and CEO Ben Zhou. More on the subject

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