Is THORChain Safe?
Risk Grade: D (67/100)
THORChain is rated as high risk — extreme novelty, critical interactions, unproven at scale.
High risk — repeated hacks, a $200M debt crisis, and money laundering exposure create existential regulatory and security threats
A cross-chain exchange that lets you swap native Bitcoin, Ethereum, and other assets without wrapping or bridging tokens. It handles $180M in deposits across multiple blockchains. Its D+ grade reflects three separate hacks in 2021 ($16M lost), $200M in frozen lending liabilities, and the fact that it processed $1.4B in stolen funds from the Bybit hack.
TVL
$70M
Mechanisms
8
Interactions
7
Value Grade
B-
Key Risks for THORChain Users
The protocol was hacked three times in two months in 2021 for $16M, and its bridge code remains the biggest target for attackers
A lending program accumulated $200M in debt before being shut down -- the RUNE token dropped 74.5% in one quarter during the unwind
It processed $1.4B in stolen funds from the Bybit/North Korea hack, putting it in the same regulatory crosshairs as Tornado Cash
Top Risk Factors
- •Three consecutive exploits in 2021 (~$16M lost) and facilitation of $1.4B in Lazarus Group stolen funds from Bybit hack in 2025 create severe regulatory and security risk
- •THORFi lending/savers programs paused with ~$200M in protocol liabilities; RUNE price fell 74.5% QoQ in Q1 2025 during unwinding
- •Cross-chain Bifrost bridge architecture is inherently high-risk with a proven history of vulnerabilities across multiple attack vectors
Risk Score Breakdown
THORChain's highest risk area is Track Record (15/15). Here's how each dimension contributes to the overall 67/100 score:
Read the Full THORChain Risk Report
This protocol has 3 collapse scenarios. 2 critical and 3 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
View Full Report →Considering an investment?