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THORChain restores operations after losing nearly $11M in exploit
THORChain has resumed trading after more than five weeks of downtime. On Tuesday, the decentralized cross-chain liquidity protocol announced that it had restored operations, ending a pause triggered by a May exploit.
According to the team, transaction signing, liquidity provider actions, and swaps are available again.
THORChain positions itself as the world’s leading decentralized exchange for Bitcoin. The protocol allows users to swap native assets across different blockchains without wrapping tokens or using centralized intermediaries for bridging.
What happened to the platform
Trading on THORChain was paused on May 15 after blockchain investigator ZachXBT and security firm PeckShield reported a suspected exploit affecting Bitcoin, Ethereum, BNB Chain, and Base.
The vulnerability led to the withdrawal of approximately $10.7 million from one of the protocol’s Asgard vaults. The other five vaults were reportedly unaffected.
THORChain emphasized that security took priority over speed during the recovery process: before the restart, the team verified every vault and every keyshare. Node operators, developers, and the Maya Protocol team helped keep the network stable during the restart.
The protocol also said that native Monero swaps are already undergoing end-to-end testing, with a full launch expected later. Support for Zcash is planned next, along with dynamic fees and upgrades aimed at deepening liquidity.
Why cross-chain protocols are needed
Cross-chain protocols are needed so that different blockchains can interact with each other instead of remaining isolated within separate ecosystems. Today, liquidity, assets, and users are spread across many networks, including Bitcoin, Ethereum, BNB Chain, Base, and others. Without cross-chain infrastructure, transferring value between them often requires centralized exchanges, wrapped tokens, or separate bridges, adding extra steps, fees, and trust risks involving intermediaries.
Such protocols make it possible to swap native assets directly between networks and help make the crypto market more interconnected. For users, this means easier access to liquidity and different applications, while for the DeFi sector, it creates an opportunity to build services that are not limited to a single blockchain environment.
As a reminder, the second quarter of 2026 saw a record number of hacks targeting cryptocurrency websites.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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