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Cross-chain attack reappears—who will bear the loss of $10 million?
Thorchain has suspended trading due to suspected cross-chain attack. Blockchain researchers ZachXBT and PeckShield discovered suspicious wallet activity, with preliminary estimates of losses exceeding $10 million, although the attack has not yet been officially confirmed. THORChain subsequently initiated defensive measures and paused protocol trading functions. The project team has not disclosed the cause of the vulnerability nor confirmed the extent of the losses reported by researchers as of press time.
This incident further exacerbates the operational and security issues Thorchain has faced over the past two years. Thorchain is a decentralized cross-chain liquidity protocol designed to facilitate trustless cross-chain swaps, but it has come under scrutiny due to its role in transferring large assets across different blockchain ecosystems. The protocol was suspended in January 2025 amid community concerns over its Thorfi lending platform’s solvency, followed by a 90-day restructuring plan to restore user confidence.