In mid-May, DeFi protocol THORChain was hacked for nearly $11M. Activity was suspended for five weeks, but by June 23, THORChain was back online. We break down what happened and how developers fixed the issue.
Decentralized cross-chain liquidity protocol THORChain has resumed trading, swaps, and liquidity provider operations after a pause lasting more than five weeks.
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Operations were halted on May 15 following a hack that drained about $10.7M in assets from one of its six Asgard vaults across Bitcoin, Ethereum, BNB▼$574.27 Chain, and Base. The team emphasized that security and system verification were the priority–not speed.
THORChain Hack Timeline and Recovery Measures
In May 2026, researcher ZachXBT and PeckShield flagged suspicious activity on the protocol. The vulnerability was in the GG20 threshold signature scheme, which protects vaults by distributing key control across multiple nodes. As developers explained, the flaw allowed a malicious node operator to reconstruct the full private key through “progressive leakage of key material,” leading to the theft.
THORChain swiftly deployed an emergency patch on May 20 to protect the remaining vaults. A major upgrade followed on June 9 with the vulnerability fix, and an additional update on June 11 brought stability improvements and the KeyVerify protocol. Over the weekend, the team confirmed the security of most vaults, completed verification of each node’s keyshare, and migrated old vaults to a new set. Developers called this “the most significant phase” of the recovery.
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What’s Next: Monero, Zcash, and Bittensor
With operations resumed, THORChain is already testing native Monero swaps in end-to-end mode, with a launch expected soon. Zcash support should follow within two weeks. The roadmap also includes Bittensor integration in about six weeks, along with dynamic fees and liquidity expansion.
The RUNE token showed little price movement after the resumption, suggesting the market had already priced in the recovery news.
At the time of publication, the altcoin trades at $0.4221, unchanged over 24 hours. Over the past week and two weeks, the cryptocurrency has gained 2% and 12.5% respectively.
Learn more: What Is Crypto Cybersecurity? The Ultimate Guide to Protecting Digital Assets
