- THORChain, a cross-chain liquidity protocol, was likely exploited for an estimated $10 million in crypto assets.
- The trading protocol has been paused, and its founder has not yet publicly commented on the incident.
- Crypto investigator ZachXBT revealed the suspicious fund movements, while security firms later confirmed the theft.
- The exploit follows recent allegations that THORSwap, the protocol’s flagship interface, hired a suspected North Korean IT worker.
Cross-chain liquidity protocol THORChain has reportedly been exploited for $10 million worth of cryptocurrency, according to investigator ZachXBT. Consequently, the protocol has paused all trading activity while its official social media accounts remain silent.
ZachXBT revealed the suspicious fund movements in his Telegram channel, initially estimating a $7 million loss before updating to $10 million. Crypto security analysts PeckShieldAlert claimed the attacker stole $3 million in Bitcoin and roughly $7 million from other chains.
Meanwhile, the cause of the exploit remains unclear as investigators examine the details. This incident follows recent scrutiny of the protocol’s relationship with North Korean-linked actors, adding another layer of controversy.
Earlier this week, researcher “meow mfer” claimed that THORSwap hired a suspected North Korean IT worker who contributed code to its core infrastructure. Historically, funds stolen by North Korea have often moved through THORChain and its affiliated services.
Last year, ZachXBT attributed a separate $1.2 million hack of founder John-Paul Thorbjornsen’s wallet to North Korea. He noted the poetic nature of the founder, who benefited from laundering such exploits, being targeted himself.
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