Share this article
Thorchain's RUNE Token Tumbles After 2nd Exploit in 2 Weeks
The latest exploit cost the blockchain protocol $8 million.
Updated Sep 14, 2021, 1:30 p.m. Published Jul 23, 2021, 4:35 p.m. 1 min read
Thorchain's token, RUNE, tumbled in digital-asset markets after the blockchain suffered an exploit for the second time in two weeks, this one costing about $8 million.
The RUNE price was $3.58 as of press time, down 25% over the past 24 hours, in the worst performance among digital assets tracked by Messari with a market capitalization of at least $500 million. The token has lost some 80% since hitting an all-time high price in May..
Thorchain said late Thursday it was hit by an exploit, reported to have cost around $8 million. Last week, the protocol was drained of around 4,000 ether ($8.2 million) in another incident.
Thorchain, now with a market capitalization of $841 million, was founded in 2018 and is a decentralized liquidity protocol that allows for swapping native assets between different blockchains.
Regarding the latest incident, Thorchain told CoinDesk a hacker deployed a custom contract that tricked the network's Bifrost Protocol into receiving a deposit of fake assets. It then processed a refund of real assets to the hacker.
The RUNE token is still up by 178% year to date, handily outperforming the 11% return of bitcoin.
More For You
Enflux says “the bid is there” but no one is adding size, while Glassnode data shows easing selling pressure alongside weaker market activity.
What to know:
- Bitcoin is trading in a tight range around $76,500, with muted activity as traders wait for a clear macroeconomic catalyst.
- Prediction markets see a solid chance that bitcoin holds above $74,000 and ends the week above $76,000, reflecting expectations for stability rather than a sharp move in either direction.
- Analysts...
Top Stories
