THORChain Launches Recovery Portal After $10 Million Exploit
- THORChain confirmed a $10 million exploit affecting over 12,847 wallets across four chains.
- Attackers drained approximately $3 million in Bitcoin and about $7 million in tokens from BNB Chain, Ethereum, and Base.
- A recovery portal has been launched, allowing affected users to submit claims for refunds within a window closing on June 4.
- The exploit was attributed to a vulnerability in the GG20 threshold signature scheme (TSS) implementation.
- The attack was detected at around May 11, with trading paused within eight minutes of the anomaly being flagged.
Affected users have a limited timeframe to reclaim their losses through the recovery portal, which is backed by a treasury-provisioned refund pool of equal size to the exploit’s total loss. The protocol is also coordinating with law enforcement to identify the attacker.
In total, THORChain’s incident highlights significant vulnerabilities in decentralized finance systems, as recent crypto hacks reached nearly $630 million in April alone. (Source)
