THORChain (@THORChain): Another bridge hack another $292 million gone.
Estimated coin impact
Scores are not price-change percentages. High impact means a score of +70 or more, or -70 or less.
Another bridge hack another $292 million gone. An attacker forged a cross-chain message on Kelp DAO's LayerZero bridge minted 116500 rsETH out of thin air and used them as collateral to drain real ETH from lending protocols. The emergency multisig paused everything 46 minutes later but the damage was already done. This keeps happening because bridges rely on trusting messages from other chains. When that trust layer gets exploited there is nothing underneath it. Native assets don't have this problem. When you swap on THORChain nothing gets minted nothing gets wrapped and no third party vouches for anything. Real cryptos move between chains validated by the network itself. That is the only model that removes this attack surface entirely. Native or nothing.