THORChain
High risk — repeated hacks, a $200M debt crisis, and money laundering exposure create existential regulatory and security threats
Top Risks
1
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
2
THORFi lending/savers programs paused with ~$200M in protocol liabilities; RUNE price fell 74.5% QoQ in Q1 2025 during unwinding
3
Cross-chain Bifrost bridge architecture is inherently high-risk with a proven history of vulnerabilities across multiple attack vectors
Risk Breakdown
Frequently Asked Questions
Is THORChain safe to use?
THORChain receives a D risk grade (67/100) from Hindenrank, where lower scores indicate lower risk. 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.
What are the main risks of using THORChain?
The key risks identified for THORChain are: (1) The protocol was hacked three times in two months in 2021 for $16M, and its bridge code remains the biggest target for attackers (2) A lending program accumulated $200M in debt before being shut down -- the RUNE token dropped 74.5% in one quarter during the unwind (3) It processed $1.4B in stolen funds from the Bybit/North Korea hack, putting it in the same regulatory crosshairs as Tornado Cash
What is THORChain's risk score breakdown?
THORChain scores 67/100 across eight risk dimensions: Mechanism Novelty: 11/15, Interaction Severity: 14/20, Oracle Surface: 7/10, Documentation Gaps: 3/10, Track Record: 15/15, Scale Exposure: 5/10, Regulatory Risk: 6/10, Vitality Risk: 6/10. The highest risk area is Track Record at 15/15.
How does THORChain compare to other DEX protocols?
Among 111 rated DEX protocols on Hindenrank, THORChain ranks #111 by safety (lowest risk score = safest). Its 67/100 risk score and D grade place it among the riskier DEX protocols.
Has THORChain ever been hacked or exploited?
THORChain scores 15/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.
Last scanned 2026-02-12