THORChain, a cross-chain liquidity protocol used to swap assets across blockchains without wrapped tokens, halted trading after one of its vaults was compromised for about $10.7 million.
The protocol said in a May 15 X post that initial signs show "user funds are safe and only protocol owned funds are affected." It said one of six vaults appears to have been compromised, with current estimates putting the loss at about $10.7 million.
THORChain added that the network automatically detected abnormal behavior and halted signing activity, which stopped further outbound transactions.
Blockchain security firm PeckShield reported that the stolen funds included about 36.75 BTC, worth roughly $3 million, and about $7 million in assets from BNB Chain, Ethereum and Base.
THORChain said the investigation is still ongoing and that contributors are working to determine the root cause.