The decentralized cross-chain protocol THORChain has made headlines in the crypto market with a new hacking allegation. On-chain researcher ZachXBT stated in a Telegram post that THORChain may have been the target of a large-scale attack. Initial findings suggest the attack occurred across multiple networks, including Bitcoin, Ethereum, BNB Chain, and Base. The confirmed losses so far are estimated to be over $7.4 million.
At the time of writing, there has been no official confirmation from the THORChain team. However, the rapid spread of the claim on social media created sudden selling pressure on the project's native token, RUNE. According to market data, RUNE was trading above $0.58 before the news broke. Following the spread of the allegations, the token fell by double digits to $0.50, marking its lowest level in the last two weeks.
Allegations of a multi-chain attack have unsettled the market
THORChain is known as a decentralized liquidity protocol that allows direct asset swapping between different blockchain networks. The protocol's core promise is that users can transact between assets on Bitcoin, Ethereum, and other networks without needing centralized exchanges. Therefore, the possibility of a security vulnerability affecting multiple chains has increased market anxiety.
ZachXBT's post stated that the attack covered Bitcoin, Ethereum, BNB Chain, and Base networks. This detail suggests that the incident may not have been limited to a simple vulnerability on a single chain. However, the technical source of the attack, the method used, and which component of the THORChain infrastructure was targeted are not yet clear. It seems difficult to draw a definitive picture without an official statement.
ZachXBT's posts are closely followed in the crypto market, especially regarding hacks and suspicious fund movements. Therefore, it was not surprising that the claim had an impact on the price even before official confirmation. The rapid drop in RUNE also revealed investors' risk-averse tendencies.
RUNE price under pressure
RUNE's price drop from $0.58 to $0.50 was noteworthy. While the token found some support in this region, uncertainty persists. The statement from the THORChain team will be crucial in understanding both the extent of the loss and the current security status of the protocol.
If the attack is confirmed, the market's focus will shift to monitoring funds, the status of affected users, and the compensation steps the protocol will take. If the hacking claim is not confirmed, or if the loss is limited, this could alleviate some of the panic selling on RUNE.
