RUNE drop as dem halt THORChain trading after like ~$10M THORChain exploit
THORChain stop all trading after wetin dem dey suspect na one multi-chain THORChain exploit wey drain liquidity, and losses dey estimated about $10 million. Security researchers like ZachXBT and PeckShield trace the activity to two main thief addresses: one for BTC and another wey dey across EVM-compatible networks (ETH, BNBChain, and Base).
PeckShield estimate say the exploited funds include 36.75 BTC (about $3M) plus roughly $7M in assets from BNBChain, ETH and Base. THORChain never confirm the exact loss number nor publish technical details, but dem immediately enter defensive mode and pause operations across multiple networks.
Market reaction don sharp for RUNE. The token don drop about 10% for the day, dey trade near $0.5229, as traders dey price in higher uncertainty. The suspected withdrawals reportedly happen when THORChain activity high, as the protocol process about $394 million in daily volume around the time funds tied to earlier KelpDAO breach allegedly move.
This incident follow earlier disruption too: THORChain pause ThorFi lending in January 2025 amid insolvency-related allegations and later outline restructuring plans. Until the THORChain exploit fully explained and any recovery path clarify, volatility risk for RUNE remain elevated.
Bearish
Di suspekt THORChain exploit don don trigger operational pause and e join with multi-chain theft for BTC and EVM networks. For RUNE specially, the immediate -10% move dey show say traders dey treat the event as credibility and risk-premium shock for liquidity and cross-chain routing.
Short-term, trading halt plus technical details wey never resolve dey usually keep funding and liquidity unstable, dey increase sell pressure and volatility until official post-mortem clear the vector and any recovery plan. Long-term, recovery outcomes fit matter, but until dem confirm losses and put governance steps, uncertainty remain high.
Given say the event near earlier bridge-related incidents (e.g., KelpDAO) and the history of cross-chain attack exposure, the most likely near-term effect na continued bearish sentiment for RUNE.