THORChain exploit hits Bitcoin, Ethereum, and BSC – Hackers steal over $10 mln

On the 15th of May, THORChain, whose native token is RUNE, was exploited, as revealed through ZachXBT's Telegram channel. Understanding THORChain's exploit According to ZachXBT, THORChain has lost more than $10 million worth of crypto. The chain was compromised across multiple networks. They included Bitcoin [BTC], Ethereum [ETH], BNB Smart Chain [BSC], and Base Chain. There were many tokens involved in the THORChain exploit, which include USDT, USDC, WBTC, DAI, THOR, LUSD, XRUNE, GUSD, AAVE, Chainlink [LINK], FOX, among others. Mainly, more than 36.75 BTC worth over $3 million and $3.54 million in ETH were lost. The total amount lost could rise as investigators currently continue to track the hacker. The hacker then swapped all the tokens to ETH and transferred them to a single wallet. This indicated that cross-chain bridges remained the most vulnerable link in decentralized finance (DeFi) security. The hack put the whole blockchain under pressure, given how the entire ecosystem is interconnected. In response, the protocol has paused all trading activities and executed a global emergency halt across the network. However, there is no official statement from the team regarding the exploit. RUNE token crashes 15% On the charts, THORChain's native token, RUNE, crashed more than 15% following this hack. The altcoin lost more than $27 million in capitalization, to around $182 million. Such a decline led to losing the rising support trendline, which has been holding price since the 19th of April. As of now, the price action looks to be headed toward the Ichimoku Cloud support. The Bull-Bear Power (BBP) instantly flipped bearish, even though it had stayed green since mid-April. In short, the hack curtailed the RUNE token's uptrend. Selling pressure always follows the underlying asset as traders lose trust in its security. Final Summary THORChain was exploited on multiple chains, losing more than $10 million worth of crypto tokens.  RUNE price crashes more than 15% after the exploit as capital leaves the token.