THORChain RUNE Rises 13% as Binance Hack Funds Pass Through Protocol
THORChain’s RUNE rose more than 13% on Friday, climbing from $0.59 to $0.67, after Binance confirmed a $6.3 billion hack. The price move came as on-chain investigator ZachXBT reported that funds stolen from Binance and September’s Bitget attack had passed through THORChain and converged at the same Ethereum address.
TRM Labs and Chainalysis linked the Binance hack to North Korea-linked hackers. ZachXBT said the Bitget attack was attributed to the same group, known as TraderTraitor. THORChain, a cross-chain asset swap protocol, has previously been used to move funds stolen in the $1.4 billion Bybit hack and the $388 million Bitget exploit.
After the Bitget incident, CEO Gracy Chen urged THORChain to block addresses linked to the attackers. The protocol declined, saying it cannot block individual swaps; node operators can instead pause activity on a blockchain or across the network. The latest incident puts THORChain’s RUNE price surge alongside renewed scrutiny of the protocol’s role in moving stolen crypto.
Neutral
The immediate price signal is bullish for RUNE: the token rose more than 13% to $0.67 after the Binance hack became public. The article, however, does not establish that the breach directly benefits THORChain or explain the cause of the price rise. The reported use of THORChain to move funds linked to major hacks creates a countervailing risk: renewed scrutiny could weigh on confidence in the protocol, prompt calls for restrictions, or lead users and counterparties to reconsider exposure.
In the short term, traders may focus on RUNE’s sharp move and monitor whether it holds the $0.59–$0.67 range, alongside developments in the Binance investigation and on-chain fund flows. Volatility could rise as speculative buying meets concerns about illicit activity and potential network pauses. The article provides no broader market data to show a lasting effect on crypto prices or market stability.
Over the longer term, the key issue is whether THORChain can address concerns about stolen funds while maintaining its permissionless design. Earlier incidents involving Bybit and Bitget show that the debate over intervention is recurring, not new. Clearer safeguards or changes in node-operator practices could support confidence; continued use by attackers or disputes over halting activity could damage the protocol’s reputation. On the available evidence, the mixed price response and unresolved security concerns support a neutral overall market view rather than a clear bullish or bearish call.