THORChain developers have confirmed a hack of their cross-chain protocol amounting to $10 million and denied the launch of a compensation program.

THORChain incident update #2
We have become aware of multiple fake accounts and false information circulating regarding “refunds”, “airdrops”, compensation claims, and other alleged initiatives.

To be absolutely clear:
— Initial findings indicate that no user funds were…

— THORChain (@THORChain) May 16, 2026
 

According to PeckShield, the attacker stole 36.75 BTC and approximately $7 million in EVM tokens across the Ethereum, BNB Chain, and Base networks.

Following the incident, the THORChain team suspended the protocol's operations. Trading options, liquidity pool transactions, and other "sensitive" actions are currently unavailable.

The leading theory regarding the attack vector suggests that the hacker exploited a vulnerability in the GG20 TSS threshold signature scheme, which allowed the leakage of confidential information about the keys of participants in the multisig vault. Over time, the hacker accumulated enough data to reconstruct the private key and execute unauthorized outgoing transactions.   

“The team is continuing to work on a comprehensive recovery and network restart plan. Returning to trading and full functionality will likely take several days or longer, depending on the complexity of the chosen remediation path,” the statement said.

Developers assured that user funds were not affected by the incident. They noted that many resources have emerged online claiming to offer compensation.

“THORChain is currently not conducting any refund programs, airdrops, or compensations. Any account claiming otherwise is impersonating us or spreading misinformation,” the team emphasized.

One portal, allegedly launched on behalf of the THORChain Foundation, offers to connect affected wallets for compensation. The statement claims that the “window for refunds” will close in 21 days. Commenters warn that this is a scam and urge caution.

Source: revoke-thorchain.org.

Recall that in April, a record number of hacks was recorded in the crypto industry for the month. More than 20 incidents resulted in losses totaling $651 million.