On October 31, THORChain halted trading on several blockchains.
An Ethereum block reorg caused THORChain to pay out 10 ETH that a vault never received. The automatic solvency checker caught the shortfall and halted ETH swaps. Within approximately two minutes, node operators halted ETH transaction signing, so no further ETH could leave the vaults.
Node operators then halted all chains as a precaution so core developers could investigate.
The 10 ETH has been returned by the user to make the vault solvent again.
Breakdown of what happened and next steps:
At 11:34 UTC Oct 31, Ethereum had a one-block reorg. A 10 ETH deposit to one of the vaults sat in the dropped block and never landed on the canonical chain.
THORChain had already observed and credited that deposit. The swap missed its price limit and was refunded, so the vault paid out 10 ETH it never received. The sender's real deposit was refunded as well.
Every node detected the reorg. But the re-check that should have removed the deposit could not get a clear answer in time, so it was finalized.
The solvency checker halted ETH swapping automatically, then three node votes halted all ETH outbound payments.
All chains were then halted by three node votes as a precaution. Now that this is public knowledge, every time there is a block re-org on an external chain, a malicious actor could perform a new transaction with the same nonce and would be paid funds by the THORChain vaults.
Note: Three node votes can trigger emergency halts to protect network solvency. However, that action can be reversed by four counter node votes, then five node votes can reverse the reversal, and so on, maintaining a balance between decentralization and rapid emergency intervention. Halting a chain does not give those nodes control of the assets.
Core developers have been working on the necessary fixes.
Nodes will decide to re-enable chains as they are deemed safe.
Trading blockchains: AVAX, BASE, RUNE, XRPL
Halted blockchains: ATOM, BCH, BSC, BTC, DOGE, ETH, LTC, SOL, TRON, ZEC
THORChain
Native cross-chain DEX supporting 14 blockchains without wrapped tokens or bridges
3.2/ 5
Our score
Fair
Chains
BitcoinEthereumBNB ChainOther
Swap fee
Source-network gas, destination-network gas and liquidity fees; total varies with network conditions, swap size and pool depth
Type
AMM
Perpetual futures
No
Governance token
RUNE
What is THORChain?
THORChain is an open-source decentralized exchange and programmable layer 1 for swapping native assets across 14 blockchains. Its main distinction is that swaps can move assets such as BTC, ETH and XMR without wrapped tokens, bridges or a centralized account. The network has operated since 2019.
Who is behind it
THORChain was created in 2018 by developers associated with the Binance DEXathon. John-Paul Thorbjornsen, also known as JP Thor, has been identified as a co-founder, while the broader founding structure remains pseudonymous. THORChain raised $1.5 million through an initial decentralized exchange offering on Binance DEX in July 2019. RUNE is its native token.
How swaps work
The protocol uses liquidity pools and a network of nodes. RUNE is paired with assets in the pools, and node operators bond RUNE to secure the network. Users can interact from self-custody wallets, with no account or wallet connection required by the protocol itself. Supported chains include Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, TRON, Zcash, Dogecoin, Bitcoin Cash, Litecoin, Avalanche, Cosmos, Base and THORChain.
Supported assets include BTC, ETH, SOL, AVAX, ATOM, XRP, DOGE, LTC, BCH, ZEC, TRX and RUNE, along with selected stablecoins and tokens. The network also offers a free API for wallets and other platforms, which can add a custom fee to swaps.
Fees and access
Swap costs vary with network conditions, swap size and pool depth. The user pays gas on the source network. THORChain deducts destination-network gas and a liquidity fee from the swap output, while integrating platforms can add their own fee. The protocol is permissionless and does not require KYC or registration. Third-party interfaces may set separate requirements.
Track record and risks
THORChain says 111 nodes secure the network as of October 2026. A CertiK audit is listed for the project. The protocol recorded major incidents in June and July 2021, including reported losses of $350,000, $5 million and $8 million, and another incident recorded in May 2026 involved $10.7 million. These events add smart-contract and cross-chain logic risks to the usual concerns around oracle pricing, MEV, slippage and thin liquidity. RUNE is also central to pool liquidity, node bonding and fee settlement, so protocol activity exposes participants to token risk.
Founders
John-Paul ThorbjornsenFounder
He operated pseudonymously under the name Leena before publicly revealing his identity.
Best for:Native Bitcoin swapsCross-chain self-custody tradingWallet and app integrationsRUNE liquidity participants
Pros and cons
Pros
- Supports native BTC and ETH swaps without wrapped assets or bridges
- Covers 14 blockchains, including Bitcoin, Solana and Base
- No protocol-level account, registration or KYC requirement
- Open-source transactions execute on-chain
- Self-custody access is available through wallets and integrated platforms
Cons
- Variable source gas, destination gas and liquidity fees
- Past cross-chain and withdrawal incidents include losses recorded in 2021 and 2026
- RUNE exposure underpins liquidity pools, node bonding and fee settlement
- Pool depth can increase slippage on larger or less liquid routes
- Third-party interfaces may impose separate requirements
Our review
3.2/5
Fair
THORChain offers native cross-chain swaps without wrapped assets or bridges, but variable fees, past exploits and protocol-level risks require care.
THORChain is a permissionless AMM-style DEX and programmable layer 1 for native-asset swaps. Its main strength is cross-chain coverage: the protocol supports 14 blockchains, including Bitcoin, Ethereum, Solana, TRON, Cosmos, Base and Monero through the wider ecosystem described on its site. Unlike a single-chain DEX, it can swap native BTC and other assets without wrapped tokens or a separate bridge. It avoids wrapped tokens and bridges but still carries smart-contract, node, pricing and settlement risk.
There is no account or protocol-level KYC requirement. Users can transact from self-custody wallets, and connecting a wallet to a website is optional because applications can integrate the network through its free API. Third-party interfaces can impose their own requirements. It supports cross-chain spot swaps.
Fees are variable. The source network charges gas, while THORChain deducts destination-network gas and a liquidity fee from the output; the total depends on network conditions, swap size and pool depth. Large swaps can be processed through the protocol's streaming swaps, while thin pools still create slippage and pricing risk. TVL was about $64.6 million on October 16, 2026.
Code is open source, and a CertiK audit is listed. That record is balanced by major historical incidents, including attacks recorded in 2021 and a $10.7 million loss dated May 15, 2026. In September 2025, co-founder John-Paul Thorbjornsen also reported a $1.35 million personal-wallet social engineering loss. The protocol has operated since 2019 and raised $1.5 million in a July 2019 initial DEX offering, but its founder and organisational structure remain described inconsistently across public accounts.
Specs
| KYC required ⓘ | No · unverified |
|---|---|
| Type | AMM · unverified |
| Chains | Bitcoin, Ethereum, BNB Chain, Other |
| Swap fee | Source-network gas, destination-network gas and liquidity fees; total varies with network conditions, swap size and pool depth · unverified |
| Cross-chain swaps | Yes · unverified |
| Open source | Yes · unverified |
| Governance token | RUNE · unverified |
| Perpetual futures | No · unverified |
| Points or rewards program | Yes · unverified |
Not disclosed by the provider: Limit orders, Audited, Max leverage (x), Routes across other DEXs, MEV protection, Mobile app.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Native asset swaps
Swaps BTC, ETH and other native assets across chains without wrapped tokens or bridges.
Fourteen supported chains
Supports Bitcoin, Ethereum, Solana, Cosmos, Base, THORChain and eight other listed networks.
Self-custody trading
Users can swap from self-custody wallets without opening an account or connecting a wallet to a website.
AMM liquidity pools
RUNE pairs with assets in liquidity pools, while pool depth and swap size affect the liquidity fee.
Streaming swaps
Large cross-chain trades can be processed through streaming swaps, with recent transactions including BTC-to-ETH routes.
Developer API
A free backend API lets wallets, websites and other platforms integrate swaps and add a custom fee.
Protocol fee tokens
RUNE handles pool pairing, node bonding and fee settlement; TCY receives 10% of protocol fees without bonding or pooling.
Inside THORChain
THORChain
The core protocol enables permissionless swaps of native assets across supported blockchains. It uses self-custody wallets and settles transactions on-chain without wrapped assets or bridges.
THORChain API
The free API lets wallets, websites and other platforms integrate THORChain swaps. Integrating platforms can add a custom fee to those swaps.
RUNE
RUNE is THORChain's native token. It is used as the pairing asset in liquidity pools, bonded by nodes, and used to denominate fees and distributed yield.
TCY
TCY receives 10% of THORChain's protocol fees without requiring bonding or liquidity-pool participation.
THORChain screenshots
What users say about THORChain
THORChain offers native cross-chain swaps, an open governance process, and direct wallet settlement. Complaints focus on publicly traceable swaps and swap failures, delays, or slippage.
Top goods
In their own words
“This is actually a big step. Native swaps without wrapping or bridges remove a lot of the hidden risk people don’t think about. Feels like the real direction is making cross-chain feel invisible to the user instead of adding more layers on top.”
“Native asset settlement is still the part of cross-chain UX that matters most The thing THORChain got right early is that native asset settlement matters.”
“THORChain is Fully Decentralized Every change to THORChain follows the same path. It starts with an ADR. Anyone can write one and bring it to the THORChain Discord: a new chain, a fee change, a new feature. Protocol-owned liquidity began as a proposal from a community member.”
“Will TC ever get security right? This happens too often to TC to be legit. Shunning white hats is not a good strategy unless they're trying to launder money to illicit operations.”
“It’s all public and traceable. They should be adding XMR and ZEC soon, so you’d have access to swap for privacy coins. But the swaps themselves are all public.”
“I even tried with 20$ I’m getting a message saying be aware slippage is higher than ussual….”
Scam warning: A phishing site targeting THORChain users has been reported.
Based on 200 Reddit posts and comments from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used THORChain? Share your experience below.
Funding and investors
$1.5MTotal raised
1Round
1Investor
-
Initial DEX offering Jul 2019 $1.5MPP Public participantsSource
FAQ
Who founded THORChain?
John-Paul Thorbjornsen, also known as JP Thor, is identified as a co-founder, while the project was created by developers associated with the 2018 Binance DEXathon. Public accounts differ on the wider founding group and organisational structure.
What fees does THORChain charge?
THORChain swaps include source-network gas, destination-network gas deducted from the output and a liquidity fee. The total varies with network conditions, swap size and pool depth, and integrating platforms can add a custom fee.
Does THORChain require KYC?
The THORChain protocol does not require an account, registration or identity verification. Third-party interfaces that provide access can set their own requirements.
Is THORChain safe?
THORChain is open source and a CertiK audit is listed, but the protocol has recorded exploits, including losses dated June 29, 2021, July 15, 2021, July 22, 2021 and May 15, 2026. Users also face smart-contract, node, pricing, slippage and cross-chain settlement risks.
Which chains does THORChain support?
THORChain supports Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, TRON, Zcash, Dogecoin, Bitcoin Cash, Litecoin, Avalanche, Cosmos, Base and THORChain. Supported assets include BTC, ETH, RUNE, BCH, DOGE, LTC, SOL, TRX, XRP and selected stablecoins and tokens.
Does THORChain have a token?
Yes. RUNE is used as the pairing asset in liquidity pools, the node-bonding asset and the denomination for fees and yield. TCY receives 10% of THORChain protocol fees without bonding or pooling.
Latest from THORChain on X
⚡ Saturday November 7 on the THORChain Podcast | Ecosystem & Community Spotlight at 11AM EST / 4PM UTC.
@KentonC137 and @patriotsounds are sitting down with the @Eidex_official team.
Jump on stage and ask your questions live: https://t.co/phkxsU6sdy https://t.co/dsUtRWow6N
@KentonC137 and @patriotsounds are sitting down with the @Eidex_official team.
Jump on stage and ask your questions live: https://t.co/phkxsU6sdy https://t.co/dsUtRWow6N
MOCA On THORChain @patriotsounds @mocadotapp @KentonC137 @zeymermoca @EricOnchain | Podcast #247 https://t.co/Th2pIDfTCM
⚡ We're live!
@zeymermoca and @EricOnchain from @mocadotapp join @KentonC137 and @patriotsounds on the THORChain Podcast | Ecosystem & Community Spotlight.
Jump on stage and ask your questions live: https://t.co/phkxsU7036
Also streaming on YouTube: https://t.co/GgxXJzV49B https://t.co/GelAyQngNq
@zeymermoca and @EricOnchain from @mocadotapp join @KentonC137 and @patriotsounds on the THORChain Podcast | Ecosystem & Community Spotlight.
Jump on stage and ask your questions live: https://t.co/phkxsU7036
Also streaming on YouTube: https://t.co/GgxXJzV49B https://t.co/GelAyQngNq
What should I be for Halloween? https://t.co/ZpGpmbVPJo
Recent public posts from @THORChain, shown as published. Not reviewed or endorsed by CryptoReview.
Latest from THORChain on Telegram
THORChain Alerts
Join
@thorchain_alert · 1.9K subscribers
🏛 Node-Mimir voting update
Max Swaps Per Block: ➔ 300 leads with 53 of 111 votes (47.7%). It needs 21 more votes to pass. The voting has been going on for 1 day 14 hours.
Max Swaps Per Block: ➔ 300 leads with 53 of 111 votes (47.7%). It needs 21 more votes to pass. The voting has been going on for 1 day 14 hours.
257 View on Telegram
🏛 Node-Mimir voting update
Disable TSS Signer Filtering: ➔ 0 leads with 42 of 111 votes (37.8%). It needs 32 more votes to pass. The voting has been going on for 1 month 22 days.
Disable TSS Signer Filtering: ➔ 0 leads with 42 of 111 votes (37.8%). It needs 32 more votes to pass. The voting has been going on for 1 month 22 days.
104 View on Telegram
TCY Summary
176 View on Telegram
🤖 Rujira Stats (7d)
📲 152,591 calls (↑ +799.8%)
👥 266 users (↑ +106)
📲 152,591 calls (↑ +799.8%)
👥 266 users (↑ +106)
181 View on Telegram
Recent posts from the official Telegram channel @thorchain_alert, shown as published. Not reviewed or endorsed by CryptoReview.
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