THORChain cryptocurrency platform has confirmed that more than $10 million was stolen after one of its digital asset vaults was compromised in a cyberattack.
The breach was first flagged early Friday morning by blockchain security firm PeckShield and cryptocurrency investigator Zachary Wolk, who reported that attackers siphoned off more than 36 Bitcoin (valued at roughly $3 million) along with an additional $7 million in other cryptocurrencies.
THORChain said in a statement that trading on the platform had been halted after “a vault was compromised.” The company added that initial findings suggest customer funds remain secure and that only protocol-owned assets were affected.
“The network automatically detected abnormal behavior and halted signing activity, which alerted the broader community and prevented further outbound transactions,” the company said.
THORChain later confirmed that one of its six vaults had been breached, resulting in losses estimated at approximately $10.7 million. The Switzerland-based company said its investigation remains ongoing and that additional safeguards have been implemented to protect users and prevent further attacks.
Earlier this year, several major crypto platforms reported thefts exceeding $200 million, including incidents involving losses of $26 million and $40 million.
Last month, the United States Department of the Treasury announced plans to expand cyber threat intelligence sharing with cryptocurrency firms following a $280 million theft from the Drift platform. Days later, alleged North Korean hackers were accused of stealing another $290 million in a Kelp DAO crypto heist.