Arkham Intelligence, a company that tracks blockchain activity, has identified several digital wallets suspected of being involved in the recent THORChain exploit. These wallets hold significant amounts of cryptocurrency: one contains approximately $3 million worth of Bitcoin (36.85 BTC), and another holds around 216 Ethereum. These funds are publicly visible on the blockchain and have already been highlighted by security experts as potentially linked to the exploit.
Who Found It First
On-chain investigator ZachXBT was the first to notice the attack. He found unusual activity involving THORChain’s systems, revealing that attackers moved around $7.2 million in cryptocurrencies – like USDT, USDC, and wrapped Bitcoin – across different blockchains before changing them into ETH.
Originally, the estimated losses were over $7.4 million, but that number has since been increased. ZachXBT now believes the total stolen could be more than $10 million.
Can tell because they did not check the numbers themselves / chains listed.
I finished accounting again now and it looks to be $10M+ stolen at least.
— ZachXBT (@zachxbt) May 15, 2026
THORChain is a system for trading cryptocurrencies directly between different blockchains, eliminating the need for a traditional exchange. Because it connects to many blockchains at once, this created a weakness that attackers exploited. The recent attack affected Bitcoin, Ethereum, BNB Chain, and Base all at the same time.
The security breach was also verified by PeckShield. They estimate hackers stole approximately $3 million in Bitcoin and another $7 million worth of cryptocurrencies from networks like Ethereum, BNB Chain, and Base.
Markets React, Team Goes Quiet
Following news of a security breach, the price of RUNE, the token used by THORChain, fell nearly 14% in just a few hours, approaching $0.50 as traders sold their holdings. The price decline happened quickly, but the official response from the team was delayed.
THORChain hadn’t yet released any official information about the security issue, including details about what happened or how they were fixing it.
The lack of communication is making people in the market more anxious. While the system has handled past security issues by using its funds and recovery plans, it’s unclear if that will be possible again now without an explanation from the team.
A Pattern That Keeps Repeating
Major financial losses in the decentralized finance world often happen with the systems that connect different blockchains. These ‘bridges’ and routing systems are complicated to build, and that complexity increases the risk of errors and attacks. The recent attack on THORChain is a prime example of this ongoing problem.
The stolen funds are currently still held in the identified digital wallets. However, it’s uncertain if they will remain there for much longer.
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2026-05-17 06:05