Cryptocurrency platform THORChain said more than $10 million was stolen during a security incident on Friday morning. The cyberattack was first identified by blockchain security firm Peckshield and cryptocurrency investigator Zachary Wolk, who goes by the online alias ZachXBT.
Around 6 am EST, both reported that more than 36 Bitcoin, worth about $3 million, and another $7 million in other coins was siphoned from THORChain. THORChain published its own statement shortly after confirming the incident.
Incident Details
“Trading on THORChain is currently halted after a vault was compromised. Initial indications are user funds are safe and only protocol owned funds are affected,” the company said. “The network automatically detected abnormal behavior and halted signing activity, which alerted the broader community and prevented further outbound transactions.”
THORChain officials said the investigation into the incident is ongoing but explained that one of their six vaults was compromised, leading to a loss of about $10.7 million. The company, founded in 2018 and based in Switzerland, said it is taking a range of other actions to protect its users from further compromise.
Previous Security Incidents
Last year, one of the founders of THORChain lost $1.2 million worth of cryptocurrency after an alleged North Korean hacker broke into their account. Cryptocurrency platforms have been battered throughout 2026, with multiple thefts surpassing $200 million in losses and several involving losses of $26 million and $40 million.
Last month, the Treasury Department announced that it will now share cyber threat intelligence with the cryptocurrency industry in light of a $280 million theft from the Drift platform. Just days after that announcement, alleged North Korean hackers stole $290 million from another crypto platform in a complex attack.
Industry-Wide Security Concerns
Last year, more than $2 billion was stolen collectively from dozens of cryptocurrency platforms. The repeated security incidents have raised concerns about the safety of cryptocurrency platforms and the need for increased security measures to protect users' funds.
The incident highlights the importance of robust security protocols and the need for cryptocurrency platforms to be vigilant in detecting and responding to potential security threats. As the cryptocurrency industry continues to grow, it is essential for platforms to prioritize security and protect their users from cyber threats.
The THORChain incident is a reminder that cryptocurrency platforms are vulnerable to cyberattacks and that users should be cautious when investing in cryptocurrencies. The incident is still under investigation, and THORChain has assured its users that it is taking all necessary steps to prevent further compromise.
In conclusion, the THORChain crypto heist is a significant security incident that highlights the need for increased security measures in the cryptocurrency industry. As the industry continues to evolve, it is essential for platforms to prioritize security and protect their users from cyber threats.
The incident has also raised questions about the regulatory framework surrounding cryptocurrency platforms and the need for more stringent security protocols to be put in place. The THORChain incident is a wake-up call for the cryptocurrency industry, and it is essential for platforms to take immediate action to address security concerns and protect their users.
By prioritizing security and implementing robust security protocols, cryptocurrency platforms can reduce the risk of cyberattacks and protect their users' funds. The THORChain incident is a reminder that security is a top priority in the cryptocurrency industry, and it is essential for platforms to take all necessary steps to prevent further compromise.
Source: The Record