Crypto Ecosystem Hit by More Than $98 Million in Losses Over Four Days

The source cites back-to-back incidents involving THORChain and the Verus–Ethereum Bridge, with one attack on May 15 and another on May 18.

Summary

More than $98 million was reportedly stolen across the crypto ecosystem over a four-day period, according to the source. The first incident occurred on May 15, when THORChain was exploited and lost more than $10 million in digital assets. The source then says the Verus–Ethereum Bridge was hit on May 18, indicating a second major breach, but the provided text does not include the loss amount or further details for that incident. Such bridge-related attacks typically draw attention because cross-chain infrastructure connects separate blockchains and can concentrate large pools of value, making it a frequent target in the digital asset sector.

Terms & Concepts
  • THORChain: A cross-chain liquidity protocol that lets users swap assets across different blockchains without relying on a centralized intermediary.
  • Bridge: A blockchain connection tool that moves assets or data between separate networks, often by locking tokens on one chain and issuing representations on another.
  • Exploit: The use of a vulnerability in code or system design to gain unauthorized access or drain funds from a crypto protocol.