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Blockchain Protocol Thorchain Suffers Another Hack Totaling $8M

Thorchain has been hit by another exploit, this time costing around $8 million, Thorchain confirmed to CoinDesk on Thursday.

  • Thorchain also told CoinDesk a hacker deployed a custom contract that was able to trick the Bifrost into receiving a deposit of fake assets.

  • The network then processed a refund of real assets to the hacker.

  • Thorchain told CoinDesk it was fairer to describe the incident as a "grey hat" exploit rather than a white hat one.

  • Last week, the protocol was drained of around 4,000 ether (ETH, +3.55%) in a separate incident

  • Following last weeks hack, Thorchain said it had been audited by multiple blockchain security companies whose task is 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 6 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 industry is still nascent ... these issues lead to solutions."

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