Share this article
Blockchain Protocol Thorchain Suffers $8M Hack
Thorchain told CoinDesk a hacker deployed a custom contract that was able to trick its Bifrost Protocol into receiving a deposit of fake assets.
Updated Sep 14, 2021, 1:29 p.m. Published Jul 23, 2021, 1:11 a.m.
Make us preferred on Google
Thorchain has been hit by another exploit, this time costing around $8 million, Thorchain confirmed to CoinDesk on Thursday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Thorchain also told CoinDesk a hacker deployed a custom contract that was able to trick its Bifrost Protocol into receiving a deposit of fake assets.
- The network then processed a refund of real assets to the hacker.
- Last week, the protocol was drained of around 4,000 ether in a separate breach.
THORChain has suffered a sophisticated attack on the ETH Router, around $8m. The hacker deliberately limited their impact, seemingly a whitehat.
— THORChain #BRINGBACKMCCN (@THORChain) July 23, 2021
ETH will be halted until it can be peer-reviewed with audit partners, as a priority.
LPs in the ERC-20 pools will be subsidised.
- Following last week's hack, Thorchain said it had been audited by multiple blockchain security companies to locate bugs in a given network.
- "There were really only two options. Launch and accept the risk of issues, or not launch and stay in the 90% complete audit-review cycle for another six months. Both are difficult," Thorchain said.
- "There's a constant battle for these smart contract securities firms to keep up with hackers," Daniel Kim, head of capital markets at Maple Finance, told CoinDesk via Telegram. That said, the DeFi (decentralized finance) industry is still nascent ... these issues lead to solutions."
Read more: BurgerSwap Hit by Flash Loan Attack Netting Over $7M
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
The company's bitcoin stack remained at 11,509 coins, worth about $1 billion at BTC's current price near $89,000.
What to know:
- Tesla made no changes in its bitcoin holdings during the fourth quarter, continuing to hold 11,509 coins.
- The company recorded a $239 million after-tax mark-to-market loss on its digital assets due to bitcoin's decline from about $114,000 to $88,000 during the year's final three months.
Top Stories
