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With Bitcoin on the verge of a breakout (or rejection), the altcoins are starting to stir. The altcoin market cap could already have bottomed.
THORChain has been called a money laundering protocol — a label no decentralized finance (DeFi) project wants unless it's prepared to have regulators breathing down its neck.Its supporters have fended off the criticism by championing decentralization, while its critics point to recent activities that showed some of the protocol's centralized tendencies. After exploiting Bybit for $1.4 billion, the North Korean state-backed hackers behind the attack, known as the Lazarus Group, flocked to THORChain, making it their top choice to convert stolen funds from Ether (ETH) to Bitcoin (BTC).
This crypto bull market has not been particularly kind to the vast majority of altcoins. Unlike previous bull markets, the focus has been very much on Bitcoin, seemingly with only the merest sniff of an altcoins season, which has so far failed to arrive.
THORChain, a decentralized cross-chain swap protocol, witnessed an unprecedented surge in activity following the Bybit hack. According to DefiLlama, THORChain processed a record $4.66 billion in swaps in the week ending March 2, surpassing $1 billion in a single day.
The Lazarus Group has already laundered all the unfrozen funds it stole from the recent Bybit hack. The group used THORChain's DEX to convert ETH tokens, sparking community criticisms.
The CEO of the recently hacked crypto exchange Bybit says that North Korean hackers have converted 417,348 stolen Ethereum (ETH) into Bitcoin (BTC). According to Bybit CEO Ben Zhou, North Korean state-sponsored hackers stole approximately $1.4 billion in ETH from Bybit, bridging a significant portion of the assets to Bitcoin.
THORChain reportedly generated $5.5M in transaction fees from the surge in activity linked to the laundering of Bybit's stolen funds.
THORChain generated over $5 million in revenue as Bybit's $1.4 billion hacker used the protocol for moving funds, sparking controversy over its role in illicit crypto transfers.
North Korean hackers used THORChain to help launder $1.4 billion in stolen Bybit funds, driving the protocol's weekly volume to a record $4.6 billion.
Bybit CEO Ben Zhou has confirmed that $1.07 billion—roughly 77% of the assets stolen in the exchange's recent $1.4 billion security breach—can still be tracked. In a March 4 update, Zhou disclosed that hackers successfully laundered $280 million, around 20% of the 499,000 ETH stolen.
THORChain was one of the platforms Bybit hackers used to launder funds, according to observers.
RUNE, the native token of the THORChain protocol, remains under significant bearish pressure following a 9.09% price decline in the last week. According to crypto analyst Ali Martinez, RUNE is likely far from a market recovery following a bearish flag pattern on its trading chart.
A developer from THORChain, known as Pluto, has announced his departure from the decentralized liquidity protocol following a contentious decision involving North Korean-linked transactions. The controversy emerged after a vote by the network's validators to block these transactions was swiftly overturned, raising concerns about the platform's governance and resilience to regulatory challenges.
Thorchain is facing operational risks as developers look to quit over disagreements on handling sanctioned funds linked to North Korean hackers.
THORChain developer “Pluto” resigns over failure to block illicit transactions. The FBI urged exchanges and validators to prevent North Korean money laundering.
Thorchain is grappling with developer departures and mounting concerns over its role in laundering stolen crypto, particularly Ethereum from the Bybit hack, tied to North Korean hackers.
THORChain token is flashing a bearish signal, forming a bearish flag pattern that suggests further downside even as swap volume surges. THORChain (RUNE) was trading at $1.3050 on Friday, down 82% from its November peak.
Supporters of the decentralized exchange Thorchain have pushed back against claims that the protocol is actively aiding North Korea-backed hackers attempting to cash out funds from the Bybit hack.
THORChain's native token has plummeted 20% in the past 24 hours, wiping off recent gains as the rest of the market also bleeds. The price of THORChain (RUNE) changed hands around $1.20, dipping sharply after hitting highs above $1.60.
According to Arkham, Lazarus-linked wallets have moved over $240 million in ETH through THORChain. They primarily swapped it for Bitcoin (BTC).
THORChain developer Pluto announces his departure after a vote to block North Korean hacker-linked transactions was reverted. A validator is also threatening to exit unless the protocol can stop the flow of hacker funds.
A core developer of THORChain has announced their resignation following the reversal of a vote to block transactions linked to North Korean hackers. The post THORChain Developer Resigns After Vote to Block North Korean Hackers Was Reverted appeared first on Cryptonews.
Thorchain faces a critical moment as key developers leave amid concerns over North Korean hackers using the platform to launder stolen cryptocurrency.
