THORChain confirms $10 million exploit and launches recovery portal
- THORChain confirmed a $10 million exploit affecting over 12,847 wallets across four chains.
- Attackers drained approximately $3 million in Bitcoin and around $7 million in tokens from BNB Chain, Ethereum, and Base.
- The recovery portal allows affected users to submit claims within a window closing on June 4.
- The attack was detected on May 11, with trading paused within eight minutes of identifying anomalous transactions.
- A vulnerability in the GG20 threshold signature scheme (TSS) is believed to have facilitated the exploit.
Affected users have a total of three weeks to submit their claims for refunds backed by a treasury-provisioned pool matching the losses incurred during the attack. The incident highlights ongoing vulnerabilities in decentralized finance protocols, as evidenced by the significant funds lost.
In total, THORChain’s exploit resulted in losses exceeding $10 million, emphasizing the risks associated with DeFi platforms today. (Source)
