THORChain

THORChain receives a D risk grade (68/100) 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.

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

THORChain scores 68/100 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: 9/10, Vitality Risk: 4/10. The highest risk area is Track Record at 15/15.

Among 112 rated DEX protocols on Hindenrank, THORChain ranks #112 by safety (lowest risk score = safest). Its 68/100 risk score and D grade place it among the riskier DEX protocols.

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.