🚨 $10.7 Million Lost on THORChain

THORChain suffered a loss of approximately $10.7 million following a security breach. At the heart of the incident was the compromise of one of the Asgard vault structures.

After detecting suspicious outbound transactions, the network temporarily suspended signing operations and trading. This move was taken to prevent a larger loss.

• Loss amounts to approximately $10.7 million

• The affected structure is the Asgard vault

• Trading has been temporarily suspended

• A sharp drop in the RUNE price was observed

• The slashing mechanism on the node side has been activated

This incident sends the same message for DeFi once again. Cross-chain systems offer significant opportunities, but the security risks are equally substantial. Bridges, vault structures, and signature mechanisms remain DeFi’s most critical points.

THORChain’s swift decision to halt the network may have prevented greater damage. However, a loss of trust in the market could create short-term pressure.

DeFi is growing. But security remains the weakest link.