THORChain dey under scrutiny for alleged Bitcoin laundering from Coinbase hack, di mata dey turn to DeFi regulation gist
THORChain don dey under serious wahala after some reports and blockchain check show say dem use am wash over 188 BTC wey dem thief from Coinbase user data breach for December 2024. Blockchain investigator ZachXBT talk say the decentralized protocol help dem swap the stolen bitcoin to ETH, and later checks show say the hacker swap $42.5 million worth of bitcoin to ethereum through THORChain, then carry thousands of ETH go swap for stablecoins using other DeFi protocols. This tin show say THORChain get hand for moving bad money and e make people dey argue again about wetin decentralized finance (DeFi) platforms suppose do. THORChain community and the developers defend demsef, say as dem be neutral platform wey nobody get control over, dem no fit check where money come from. Nobody don confirm officially say all the money wey dem wash dey linked to the Coinbase hack as investigation still dey go on. This matter start fresh argument about how neutral DeFi protocols suppose be, security of centralized exchanges, and the risk of celebrating big money movement on-chain wey fit come from bad sources. Government agencies and security people still dey watch dem well well, as dem fear say cross-chain services like THORChain fit face tighter control. The ongoing legal and regulatory wahala, plus the investigation wey never finish, still dey shape how people dey feel and discuss governance for the DeFi industry.
Bearish
Di tori say THORChain dem use am wash money wey dem thief from Coinbase hack don bring big wahala for how dem dey regulate am and how people dey see THORChain and other DeFi protocols. For traders, this fit make dem feel say compliance risk don high and fit even make regulators look dem well well, wey fit spoil THORChain ecosystem and the price of im token. The palava wey still dey go on and court case against Coinbase don add more gbege. Since history, anytime dem link something to bad bad things, e dey make price fall small and make people wey dey use the protocol dey trade with fear. Even though dem no confirm say all the money dem wash come from the hack, the bad news wey dey fly around and say regulators fit come with strong rules don go make the assets wey concern get short-to-mid-term bearish pressure.