THORChain's RUNE jumps nearly 10% after tradertraitor launders Binance proceeds
THORChain's token, RUNE, just shot up nearly 10% after North Korean hacker group TraderTraitor started using THORChain to launder part of the Binance proceeds.
THORChain lets users swap different cryptocurrencies, which the hackers used to hide their tracks by converting between coins like ether and bitcoin.
Binance froze $2.85 billion in assets
The hackers first turned the stolen crypto into stablecoins like USDC, then ran it through THORChain. They lost about 12% of their haul to fees and price changes but kept going anyway.
Meanwhile, Binance managed to freeze $2.85 billion in assets but cannot stop everything, especially when funds move across decentralized networks.
The FBI is urging crypto services to block transactions from these hacker addresses while investigators keep tracing the money trail.