- THORChain experienced several off-chain handling issues that drained more than $10.8 million from its liquid reserves.
- According to Coinglass data, today’s sudden drop in price caused about $11.3 million in long closings, while short traders saw $34.6k closing.
- The THORChain price pullback can seek 38.2% Fibonacci retracement support at $0.526, then the next cushion at 50% FIB at $0.5.
Friday, May 15th, is The price of THORChain shares The stock saw a sudden exit after being hit hard by chain scams that drained more than $10.8 million from its cash reserves. The attack forced the verifiers to suspend online operations and the price of RUNE recorded a double-digit loss breaking the support of $0.55.
THORChain Shuts Down Network Following $10.8 Million Multi-Chain Exploit
Cross-chain liquidity protocol THORChain has been completely shut down due to a massive, coordinated security attack. A hacker managed to withdraw about $10.8 million from the platform’s reserves, which caused an immediate problem with the network’s verifiers, and led to the loss of RUNE tokens.
This vulnerability was first reported early on Friday, May 15, 2026. An on-chain security researcher. ZachXBT has been identified a series of random, automated transactions issued from THORChain’s main addresses.
A blockchain security company PeckShield at the same time crossing the data and found that hackers were stealing money at the same time several integrated blockchain networks.
THORChain Suspends Operations After Connecting Too Many Items
The action involved a massive attack on financial assets and EVM-related tokens. The attacker was able to accumulate about $10.8 million from a few addresses – one for the Bitcoin network (bc1ql4…f6f37) and one for the EVM network (0xd4…890Bd).
Current Damage:
Bitcoin (BTC): 36.85 BTC descendants which is worth about $3 million.
Ethereum (ETH) & BNB Chain: About 3,443 ETH and 96.6 BNB.
Stablecoins & Assets Covered: Over $7.2 million in USDT, USDC, and wrapped tokens, which the attacker quickly exchanged to prevent any upstream cooling methods.
THORChain node operators quickly intervened to prevent a complete drain of the protocol’s liquid. Officials called an emergency public meeting less than 1 hour after finding the public records and were able to suspend all signing and trading activities.
The freeze kept the remaining coins safe in pools while halting the network’s ability to exchange.
KelpDAO Connection and Attack Vector
A full investigation of the death from the THORChain core dev team is still underway, but preliminary telemetry indicates that it was linked to another security incident.
Prior to their use, the attackers who recently breached KelpDAO’s liquidity platform were using illegal funds through THORChain’s high-speed pools. During this heavy hacking, security researchers believe that the data used could be a major vulnerability in THORChain’s Bifrost bridge protocol or smart contract routing logic that was not discovered.
Market Results and Future Trends
The market was immediately affected. As news of the hacking and freezing of the network spread, THORChain’s token, RUNE, dropped between 10% and 15%, falling sharply around the $0.51 token.
Security failures have also led to a major crisis in the central sector. Major cryptocurrency exchanges, including Kraken, have announced that they are investigating their THORChain payment gateways and have temporarily suspended RUNE deposits and withdrawals as a precautionary measure.
The THORChain project is now facing a difficult path back. The development of the protocol has been completely stopped, and the code is being reviewed by developers to determine the exact method of attack.
The community is eagerly awaiting two updates: The official technical post-mortem explaining the bug and the announcement of possible whitehat bounty talks or plans to refund money to those affected. Until then, crosschain transactions remain black.
Crypto Hacks Don’t Show Down Like a DeFi Lost Mountain
Security risks have continued to plague the cryptocurrency sector, showing no signs of letting up. Two of the biggest DeFi projects – the floating exchange Drift Protocol and the water recycling project KelpDAO – suffered massive losses of $600 million in April alone.
The decentralized financial sector has become a popular choice for bad parties, with bridging and money laundering often being their first choice. Data from Chainalysis shows that bridge-related theft will reach $2.8 billion by 2021, indicating that there are significant threats that need to be addressed across the sector.
THORChain Price Seeks Bullish Support Below Key Fibonacci
From early April until May 11th The value of RUNE saw the fastest rally from $0.376 to $0.638, registering a gain of almost 70%. The upside may be due to the massive network upgrade, the upcoming high-profile merger, and the massive rise in order from Kelp DAO laundering funds.
However, the price of the coin showed a sudden sharp decline following the recent record breaking on its network. The stock price is currently trading at $0.526 and has a value of $185.39M.
According to the Fibonacci retracement level, this correction needs support at the level of 38.2%, which corresponds to $0.527. If the price fails to protect the bottom, investors can pull its price to 50% FIB at $ 0.494, followed by 61.8% FIB at $ 0.46. In theory, a return to 61.8% FIB is still considered a good return on assets to recover exhausted power.
The price of RUNE above the 100-day exponential moving average (EMA) also confirms the trend in the market’s core.
If the buyers can have this support, the price of RUNE can come back and try to settle above the $0.6 resistance.
In fact, a breakdown below 61.8% FIB will accelerate the selling market pressure and strengthen sellers at this price.
