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Unleash Protocol hit by $3.9 million exploit
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Unleash Protocol hit by $3.9 million exploit
Unleash Protocol hit by $3.9 million exploit with funds routed through Tornado Cash
Unleash Protocol hit by $3.9 million exploit with funds routed through Tornado Cash
The intellectual property platform on Story Protocol lost about $3.9 million after a governance exploit, with stolen funds later routed through Tornado Cash.
By Olivier Acuna|Edited by Sheldon Reback
Dec 30, 2025, 12:09 p.m.
Unleash Protocol lost $3.9 million after a governance exploit gave an attacker control of its smart contracts. (Clint Patterson/Unsplash modified by CoinDesk)
What to know:
- Unleash Protocol lost about $3.9 million in a security breach, according to blockchain security firm PeckShield.
- The breach is attributed to a governance failure at Unleash, leading to unauthorized control and asset withdrawal.
- The attacker used Tornado Cash to obscure the transaction history after transferring the stolen assets to Ethereum.
Unleash Protocol, an intellectual property finance platform built on the Story ecosystem, lost about $3.9 million in a security breach, according to blockchain security firm PeckShield.
The attacker bridged the stolen assets to Ethereum and deposited 1,337.1 ether ETH$2.975,68 into Tornado Cash, a crypto mixing service commonly used to obscure transaction histories, according to PeckShield.
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Unleash had reported the breach earlier, without putting a figure on the amount.
"Earlier today, we detected unauthorized activity involving Unleash Protocol smart contracts, which led to the withdrawal and transfer of user funds," the platform said in a post on X. "Our initial investigation indicates that an externally owned address gained administrative control through Unleash’s multisignature governance system, enabling an unauthorized contract upgrade that allowed asset withdrawals outside approved governance procedures."
Assets affected include WIP, USDC, WETH, stIP and vIP, the protocol said. After the withdrawals, the funds were bridged using third-party infrastructure and transferred to external addresses.
Platforms like Unleash aim to bring intellectual property rights, such as media, brands and creative works, on-chain, enabling them to be tokenized, licensed or used as financial primitives within decentralized applications.
Both Unleash and onchain analytics firm LookonChain said the exploit appeared to stem from a governance failure at Unleash, rather than a vulnerability in Story Protocol itself.
Unleash said it paused all operations while the investigation continues and is working with independent security experts and forensic investigators to determine the root cause. Users have been advised not to interact with Unleash Protocol contracts until further notice and to follow official channels for updates.
Blockchain FundsTornado CashSecurityCrimeHacks
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State of the Blockchain 2025
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L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
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2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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