THORChain Faces Multi-Chain Exploit Losses Exceeding $10 Million
- Confirmed Losses: Blockchain investigator ZachXBT reported that THORChain likely lost over $10 million across Bitcoin, Ethereum, BSC, and Base, with initial estimates at $7.4 million later revised, highlighting significant security vulnerabilities for the protocol.
- Trading Suspension Response: Following the exploit alert, THORChain promptly paused trading and executed a global emergency halt to limit activity and assess reported losses, demonstrating a strong commitment to user fund security amidst crisis.
- RUNE Price Plunge: After the alert, RUNE token's price dropped sharply by approximately 15%, falling from $0.58 to nearly $0.50, reflecting strong market reactions and a significant loss of investor confidence in the wake of the exploit.
- Increased Security Scrutiny: This incident comes against the backdrop of THORChain already facing scrutiny due to previous fund movements linked to major DeFi attacks, raising further concerns about the security of cross-chain systems, especially as recovery becomes more challenging when stolen assets traverse multiple chains.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, DRIFT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0204 | 0.0248 | 0.0293 | 0.0337 | 0.0382 | 0.0426 | 0.0471 |
| Fibonacci | 0.0248 | 0.0282 | 0.0303 | 0.0337 | 0.0371 | 0.0392 | 0.0426 |
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