THORChain's RUNE token jumped 10% today as North Korean hackers resumed using the cross-chain protocol to launder funds stolen from Binance. The price surge followed reports that the hacking group had restarted their exploitation of THORChain's facilities, according to Coindesk.
The movement represents the latest development in an ongoing saga that has seen billions in crypto stolen and cycled through various blockchain networks.
The token rally came as THORChain itself scrambled to restart most of its swap functions after an extended outage that had temporarily shut down liquidity pools across the network. Cointelegraph reported the outage triggered a 15% price spike in RUNE as traders rushed to secure positions before normal operations resumed.
The protocol's rapid response appears to have reassured users that the platform remains operational despite the ongoing hacking threats.
Meanwhile, institutional investors continued shifting their crypto allocations, withdrawing cash from traditional Bitcoin and Ethereum ETFs while aggressively buying into alternative platforms like Hyperliquid, BeInCrypto reports. This rotation away from major cryptocurrencies appears linked to growing concerns about regulatory uncertainty following Trump's loss in the recent congressional elections.
Bitcoin, Ethereum, and XRP all face fresh price pressure today as markets digest the political setback and continuing hacking activity. Traders are watching closely for signs of stabilization, with many eyes on the upcoming Moscow Exchange crypto trading launch scheduled for December 1.
The exchange confirmed it will support trading pairs for Bitcoin, Ether, and USDT starting that date, potentially opening new liquidity channels for the broader market.
The hacking group's continued use of THORChain highlights persistent vulnerabilities in cross-chain protocols that handle large volumes of encrypted funds. Security researchers note that the North Korean actors have developed sophisticated methods to exploit interoperability features designed to move assets seamlessly between different blockchain networks.
As the crypto community watches developments unfold, the combination of ongoing hacking activity and shifting institutional flows suggests market participants should prepare for continued volatility in the coming weeks. The upcoming Moscow Exchange launch could provide new liquidity opportunities, but questions remain about whether this will be enough to offset the selling pressure from the continued hacking-related withdrawals.
The broader market narrative remains uncertain as traders balance the potential for new trading venues against the immediate risks posed by sophisticated hacking groups targeting cross-chain protocols. Investors are advised to monitor both technical indicators and security developments closely as the sector navigates this complex environment.