Track market-moving stories before they get noisy

Changxin's pre-IPO price drops to $6, corresponding to an RMB share price of 40.62 yuan on its first day of listing.

According to Hyperinsight’s monitoring, the Pre-IPO contract price of CXMT (Changxin Memory Technologies, whose listed entity is Changxin Technology) on Hyperliquid has fallen to $6, with a more than 5.7% drop in 24 hours. The corresponding RMB share price stands at 40.62 yuan. Calculated based on the post-issue total share count of 66.881 billion shares, the on-chain implied market capitalization is approximately $400 billion, equivalent to around 2.7 trillion yuan. At this valuation, the subscription cost per lot of 500 shares for retail investors who win the online application is 4,330 yuan. The estimated market value of 500 shares on the first day of listing is 20,310 yuan, translating to a profit of roughly 16,000 yuan per lot.

16 minutes ago

The latest draft of the CLARITY Act includes an incentive clause for white hat hackers, proposing to offer rewards to individuals who identify security vulnerabilities.

The latest draft of the U.S. Senate’s Cryptocurrency Market Structure Act (the CLARITY Act) includes provisions encouraging white hat hackers to responsibly disclose cybersecurity vulnerabilities, proposing to authorize rewards for individuals who identify and report such flaws to bolster protection for digital asset infrastructure before they are maliciously exploited. The provision incorporates the views of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.

16 minutes ago

US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.

According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."

16 minutes ago

Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.

Layer 1 blockchain project Vanar announced that its infrastructure migration to Base will kick off next Tuesday. Users currently staking VANRY must first unstake, wait for the cooldown period to elapse before claiming their tokens. Earlier, Vanar stated that existing VANRY token holders can complete the migration at a 1:1 ratio, with their holding amounts remaining unchanged. Additionally, VANRY’s total supply will rise from 2.4 billion to 10 billion tokens, approximately 62% of which will stay locked during the migration. Once the migration is complete, staking for Vanarchain validators will be halted.

16 minutes ago

2035年数据中心将占美国电力消耗的约20%，成为下一个AI瓶颈

U.S. data center power demand is projected to surge by 253% from 2026 levels, reaching a record 194 gigawatts by 2035 — with 1 gigawatt roughly matching the capacity of a traditional nuclear reactor. Currently, data centers consume 6% of the U.S.’s annual electricity; that share is estimated to climb to around 12% by 2030, and will account for roughly 20% of total U.S. electricity consumption by 2035. Most of the growth in U.S. power demand is concentrated in a handful of grid regions, such as the PJM Interconnection, which serves Washington, D.C. and 13 states including Virginia, Pennsylvania and Ohio. Power will be the next AI bottleneck.

16 minutes ago

Robinhood Chain's 24-hour network fee revenue reached $350,000, ranking fourth among all blockchains.

According to DeFiLlama data, Robinhood EVM Chain generated $350,000 in 24-hour network fee revenue, ranking fourth among all blockchains, trailing only Canton, Tron, and Solana. Launched on July 1, the Robinhood EVM Chain has seen its total value locked (TVL) quickly rise to $315 million. Though originally designed for on-chain stocks and ETFs, it has emerged as a major hub for meme coin activity.

16 minutes ago

@THORChain x @Dashpay Podcast #197 ft. @TheDesertLynx, @KentonC137 & @patriotsounds | May 9, 2026

By @Raynalytics

TL;DRDash is coming to THORChain, bringing one of the most battle-tested cypherpunk chains in crypto onto the apex permissionless DEX.Dash's next release ships Zcash Orchard-level shielded privacy on its Evolution chain in the coming weeks, putting it alongside Zcash and Monero on the top tier of privacy tech.Dash has had deterministic 1-second instant finality since 2014, a feature uniquely suited to cross-chain swaps where speed and irreversibility actually matter.DashCon (Sept 3) and Common S3nse (Sept 4-5) are co-located in Amsterdam for Cypherpunk Week. Joel wants to use the moment to assemble THORChain, Maya, Dash, Zcash, Monero, Quai, and other freedom-aligned projects under one banner.Kenton called for a culture shift at THORChain: stop gating integrations on market cap. Smaller engaged communities bring marketing, network effects, and integrations that outweigh the dev cost.1. IntroductionJoel Valenzuela hasn't had a fiat bank account in ten years. He's spent a decade living almost entirely on crypto, currently runs business development and marketing for Dash, and in his own words "cyber-bullies Saylor on X for sport." He came on Podcast #197 to talk about Dash finally landing on THORChain, the Orchard-level privacy upgrade shipping in weeks, and a bigger pitch: it's time for the freedom-aligned corner of crypto to assemble at the same conferences, behind the same banner.

2. Meet Joel ValenzuelaFor those who don't know Joel (@TheDesertLynx): about 13 years in crypto, came in via sound money advocacy and his Mexican family's experience with the 1990s peso crash. He moved to New Hampshire for the Free State Project, then at the end of 2015 decided to go all-in: only get paid in crypto, eventually close the fiat bank account.

The bank actually closed it for him. After a fraud incident drained his account, the bank wanted to set him up with a replacement. He thought about it and never went back.

"The bank actually closed me out, but they wanted me back. And I just was like, let me think about it. And I just never went back."He's now spent about a decade living almost entirely on crypto. He runs business development and marketing for Dash, and is, in his own words, "the worst maxi shill in the world." He uses Dash because it works, but his framing is sovereignty first, ticker second.

3. Living on Crypto: Instant Finality and the Sovereign StackThe technical case for Dash that matters most for THORChain is 1-second deterministic finality. Dash transactions get locked by the master node network within about a second, and if a block ever shows up trying to conflict with that lock, the network rejects the block. There are no probabilistic confirmations, no waiting for reorgs to become statistically unlikely.

"As soon as you see a Dash transaction, it's permanent and you don't have to worry about that."This is the foundation of Dash's payments stack. The @Dashpay wallet has usernames, encrypted on-chain metadata (so transaction history isn't an Excel spreadsheet of addresses), and a contact list. The Dash Spend feature uses that instant finality to do something most chains can't: buy a gift card for the exact amount of your purchase, in real time, at checkout. Walk up to Home Depot, scan your items, see $68.49, open Dash Spend, get a barcode, scan it, done. No padding the gift card with dust, no waiting 10 minutes for confirmations.

Joel says Dash Spend reaches roughly 150,000 US merchants, plus a recent Eon Pay integration extending coverage across Southeast Asia.

His broader sovereignty stack: self-custody, no KYC, not denominated in dollars or stablecoins. He uses a private reloadable card for the edge cases where Visa/Mastercard rails are unavoidable. The goal, in his words, is to not need cards within three years.

4. The Privacy Catch-Up: Dash's Next ReleaseDash's history in privacy is unusual. It was the first crypto with explicitly built-in privacy features (the original 2014 "Darkcoin"), predating @monero by a few months. But Dash's integrated CoinJoin model hides the transaction graph while leaving amounts visible. Monero and @Zcash pulled ahead on amount-hiding with confidential transactions (2017) and zero-knowledge proofs respectively.

That gap is about to close. Dash's lead developer Quantum Explorer has been porting Zcash's Orchard shielded-pool technology to the Dash Evolution chain. The code is in the next release, expected in the coming weeks. When it lands, Dash will have Zcash-level shielded transactions with 1-second finality.

There's a second angle: Zcash has long promised shielded assets (ZSAs, fully private tokens), but that roadmap has effectively paused at Zcash.

"Dash is getting Zcash shielded assets before Zcash. Dash might act as a test net for, is there demand for a fully private stable coin."5. Why Dash on THORChain MattersTHORChain already has @Maya_Protocol deeply integrated with Dash, and Maya has shipped instant-transaction support in the past few months. The case for THORChain catching up is straightforward: with the privacy market clearly back in force, and with recent centralized-DEX incidents making the cost of cutting corners on decentralization visible again, this is the moment for THORChain to be the natural home for sovereign assets.

Once Dash lands, the list of coins available across all three major cross-chain DEXes (THORChain, Maya, Near Intents) becomes very short: $BTC, $ETH, Zcash, and Dash. That's the rock-solid tier where centralized exchange delisting risk no longer matters because the on-chain volume can carry it. Joel noted Dash has been affected by delistings more than any other coin in crypto, so a permanent home on a permissionless DEX is more than a nice-to-have for the project.

The Free State Project lifer who closed his bank account in 2016 is now spending political capital making sure his coin's volume can survive any centralized delisting on the planet. That's the alignment, and that's why this integration matters.

@KentonC137 used the segment to make a broader call: stop gating THORChain integrations on market cap. A 20-million-dollar project with an engaged community brings free marketing, network effects, and access to audiences THORChain doesn't otherwise reach. The cost is dev work and the node operator overhead of running another daemon. The upside is months of unpaid pitching from a passionate team.

"Market cap should not be a barrier entry when it comes to THORChain."Kenton flagged projects worth watching as integration candidates: @QuaiNetwork (PoW Layer 1 with hybrid privacy and strong recent momentum), Nym (decentralized VPN with Edward Snowden's endorsement), and Firo on the smaller end. He also raised decentralized storage like Filecoin and Arweave as future integration targets so cross-chain rails can settle storage payments without centralized fiat onramps.

6. Quick PSA: Free SamouraiKenton is using free Twitter ad credits on the THORChain account to amplify the Free Samourai movement, supporting @SamouraiWallet co-founder @KeonneRodriguez and his co-defendant Bill, both currently serving federal sentences after pleading guilty in July 2025. Twitter doesn't allow promoting exchange interfaces, but it does allow awareness campaigns. Kenton has framed this as the new Free Ross movement and Keonne's wife will be coming on the podcast soon. Every dollar counts, and the THORChain community can move the needle here.

7. Cypherpunk Week in AmsterdamBlock your calendar. Amsterdam, September 3-5, three back-to-back events at the same venue (De Hallen Studios):

DashCon, September 3. The first major Dash conference since the 2019 Zurich event, organized by Joel. THORChain is invited and there will be a cross-chain DEX panel.Common S3nse, September 4-5. Organized by @CryptoCanal; formerly known as ETHDam. Last year's keynote was Alexey Pertsev of @TornadoCash, delivered while wearing an ankle monitor.Hackathon runs alongside. Builders welcome.Sponsorship and ticket packages are bundled across all three. Confirmed freedom-aligned sponsors include @EdgeWallet, @Zcash, and @zano_project. Conference URLs: commons3nse.cryptocanal.org and dash-con.com.

8. Assemble the Avengers: The Cypherpunk CornerThe bigger pitch from Joel: at the major industry conferences (Consensus, Bitcoin Vegas, Token2049), there is no home for hardcore decentralized projects. The booths are dominated by stablecoin slop, custodial wallets, and Hoskinson-grade marketing budgets. Meanwhile the cypherpunk contingent has nowhere to congregate.

Joel's proposal: club together. THORChain, Maya, Dash, Zcash, Monero, Quai, Edge, Bitcoin Cash, and any other freedom-aligned project pitches in to share one "Cypherpunk Corner" at the big conferences. Color-coded shirts. Real product demos. Live swaps on-stage. Branding spicy enough to actually stand out against the corpo-AI booths.

"We can have this anchor, this shining beacon on a hill of all the actual hardcore people."The economics work: a single booth at one of these conferences can run $35K-$100K, but typically comes with 10-20 unused tickets per sponsor. Pool the sponsorship, pool the tickets, and you have a 50-100 person on-site presence showing up to one conference together, with one coordinated narrative.

@patriotsounds called this the most exciting idea of the episode. Kenton's in. The plan is to start with Common S3nse and DashCon in September, then scale to Consensus 2027.

9. Takeaways / What to WatchDash integration on THORChain. The roadmap is now official. Watch for development pace and pool launch.Dash's next release. Shielded transactions with Orchard tech at 1-second finality, shipping in weeks. This closes the privacy gap with Zcash and Monero.Cypherpunk Week, Sept 3-5 Amsterdam. DashCon and Common S3nse back-to-back at the same venue. Speaker slots and sponsorship are open.The open door policy. Kenton's call to lower the integration bar is worth tracking. If THORChain culture shifts here, the next 12 months could see a wave of smaller but engaged communities onboarded.Free Samourai movement. Twitter ad credits supporting the defense fund. Keonne's wife on the podcast soon.The Avengers thesis. Watch for a coordinated cypherpunk presence at the next round of major conferences."Taxation is theft. Your phone is spying on you. Fiat is a scam. Live on crypto before it's too late."More @THORChain data, check out Raynalytics

Follow @Raynalytics for more Weekly Analytics and Podcast recaps.

US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.

According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.

4 minutes ago

Micron Technology surges 18% in pre-market trading on US stocks

According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.

4 minutes ago

SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.

According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.

4 minutes ago

Bithumb was fined for sharing user data overseas without consent.

South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.

4 minutes ago

PANews reported on April 24 that, according to Ember, the hacker who stole approximately $98 million from Balancer last November has recently begun exchanging some of his ETH for BTC via the cross-chain protocol THORChain. Today, the hacker exchanged 7,000 ETH for 204.7 BTC (approximately $15.88 million), and the transaction is still ongoing. Currently, the hacker still holds 15,000 ETH (approximately $34.65 million) on the Ethereum blockchain and 204.7 BTC (approximately $15.88 million) on the Bitcoin blockchain.

Balancer hackers conducted a large-scale cross-chain cryptocurrency swap, exchanging a total of 419 BTC.

SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.

According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.

4 minutes ago

Bithumb was fined for sharing user data overseas without consent.

South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.

4 minutes ago

Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.

According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".

4 minutes ago

Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.

Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.

4 minutes ago

Table of contents

The window for tracing and recovering more than $220 million stolen from Kelp DAO’s bridge has all but closed. On-chain tracking data laid out in the original report shows that the North Korean threat group TraderTraitor has now laundered nearly every dollar of previously unfrozen funds, using a chain of privacy-focused platforms. Only around $1.7 million remains in the hackers’ original wallets, effectively ending any realistic prospect of direct, transaction-by-transaction asset recovery.

The speed and scale of the operation underscore a growing structural problem for DeFi bridges. Kelp DAO, an Ethereum-based restaking protocol, was hit by an exploit that exposed users to losses on par with some of the largest cross-chain breaches. The cleaning process moved assets through THORChain, Wasabi, Tornado Cash, and Umbra—a stack of mixing tools and cross-chain liquidity networks that make on-chain tracing extremely difficult. It also raises urgent questions about what, if anything, can still be done to disrupt the flow of funds into the hands of a state-sponsored unit already sanctioned by the U.S. for funding weapons programs.

How the $220 million disappeared The laundering did not rely on a single method. THORChain, a decentralized cross-chain liquidity protocol, let the attackers move assets between blockchains without requiring wrapped tokens or custodial bridges. Wasabi and Umbra added coinjoin-style privacy layers for Bitcoin and Ethereum, while Tornado Cash—already designated by OFAC—was used to break on-chain links further. Such a combination is not new, but the fact that it was executed by a group tied to the Lazarus umbrella shows the operational sophistication that regulated industry participants are up against.

Ethereum remains the most active chain by developer count, as recent activity data confirms, but its open composability is a double-edged sword. The same infrastructure that powers liquid staking and restaking can be exploited when bridge contracts are not airtight. For Kelp DAO users, the near-total movement of unfrozen funds marks a point of finality that few in the community wanted to accept this early.

The North Korea factor and regulatory friction TraderTraitor is one of several aliases linked to North Korean cyber teams that the U.S. Department of the Treasury and the FBI have identified as instrumental in stealing billions in crypto over the past few years. These operations are not ordinary hacks; they are viewed by intelligence agencies as a direct source of hard currency for Pyongyang’s sanctions-evasion apparatus. Every dollar that disappears into these laundering pipelines ends up beyond the reach of civilian recovery efforts and, often, beyond swift law enforcement intervention.

The laundering closes a chapter on traceability just as Washington lawmakers wrestle with the shape of future crypto oversight. A landmark bill that would set new rules for digital asset markets is now under fresh attack from the banking lobby, as reported in the legislative drama unfolding in the Senate. While legislative fights play out over market structure, hacks like the one at Kelp DAO continue to expose the gap between enforcement ambition and on-the-ground capability.

What remains uncertain Despite the closure of the direct tracing window, law enforcement and blockchain intelligence firms retain options, though they are limited. Funds that eventually hit centralized exchanges can be frozen if they are flagged in time, but the combination of THORChain swaps and mixing layers makes that a high-effort, low-probability endeavor. Some portion of the stolen value may already be outside any cooperative jurisdiction.

For DeFi protocols building bridges and restaking layers, the episode is a harsh reminder that recovery design must be baked into the earliest stages of smart contract architecture. Post-exploit freezes and negotiation, as seen in other incidents, did not produce a meaningful outcome here. The industry will be watching whether the remaining $1.7 million can yield any final intelligence—or whether it, too, will slip into the same opaque channels that swallowed the other 99.2 percent of the haul.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

THORChain (RUNE) is restarting. The decentralized cross-chain DEX, paused since May 15 after a $10.7M exploit drained one of its vaults, is rolling out v3.19, its official restart release, with mainnet adoption targeted for the first week of June.

RUNE is trading near $0.38–$0.41 at the time of writing, down sharply from pre-exploit levels and -35% over the past 30 days. It has a market cap of roughly $133M, making it the 222nd-largest digital asset.

$RUNE is pushing directly into a heavy resistance zone around $0.382–$0.385.

This is where rejection risk is high.

If bears defend this zone, RUNE can cool off towards $0.370 first, then $0.360–$0.365. pic.twitter.com/rpEV0LXP5V

— ChiefraT (@ChiefraFba) June 9, 2026

The headline addition waiting in the wings once trading resumes: Monero. XMR is confirmed as the first asset in the DEX queue, giving THORChain a privacy-coin narrative no other major cross-chain protocol can currently match. The community is calling it a renaissance.

Here is the central tension this article unpacks: v3.19 fixes the immediate cryptographic problem and adds a genuinely unique asset. Whether that’s enough to reverse months of RUNE damage depends on execution, and THORChain’s execution track record is currently on trial.

The TSS THORChain Exploit Explained and What V3.19 Actually Fixes 🚨 THORChain Has Entered The Final Restart Phase 🚨

The excitement is reaching another level.

Today validators are voting to quarantine the compromised vault, one of the final critical security milestones before THORChain can continue toward a full network restart.

This means…

— fincontrarian (@fincontrarian) June 9, 2026

THORChain employs a Threshold Signature Scheme (TSS) where multiple nodes must sign transactions, preventing any single node from moving funds independently.

An attacker exploited a flaw in the GG20 TSS implementation, leveraging undisclosed cryptographic weaknesses. Soda Labs confirmed it was a zero-day vulnerability and required human cryptographers to verify it, as AI models couldn’t replicate the attack.

The rollout of version 3.19 addresses this by patching the TSS library, resolving a ~$10M gap through a governance-approved migration and initiating an 11-stage restart that takes about a week to fully resume operations. Separately, a $700K accounting issue was also addressed.

A controversial decision was to temporarily close-source the TSS library during Soda Labs’ audit. Kenton, a THORChain member, noted that this choice allowed for faster recovery at the cost of transparency, sparking debate within the community. The library is expected to return to open-source status in upcoming releases.

EXCLUSIVE: Earn $10 USDC Via Binance Sign-Up

Why Monero First and Whether XMR Can Move the RUNE Needle

(SOURCE: TradingView)

Monero’s prominent position in the DEX queue stems from the lack of trustless, non-custodial options for XMR users, especially since major centralized exchanges have delisted it. If THORChain enables native XMR swaps, it could dominate permissionless Monero liquidity, allowing it to set a starting fee of 50 bps due to its pricing power.

For RUNE holders, increased Monero volume translates to greater demand for RUNE since every swap settles through it. This has sparked the “THORChain renaissance,” in which the integration of Monero is seen as a significant step beyond mere recovery. However, the protocol’s prior issues with privacy-asset integrations raise concerns about its ability to safely manage high-privacy L1S.

While Monero volume is expected to be moderate initially, the broader roadmap includes other assets such as Zcash and Polygon. Monero serves as the opening act for THORChain, not the entire show.

EXPLORE: Best Crypto Presales With Asymmetric Upside in the Current Market

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Alex Ioannou

On-Chain Journalist

Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More

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SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.

According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.

4 minutes ago

Bithumb was fined for sharing user data overseas without consent.

South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.

4 minutes ago

Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.

According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".

4 minutes ago

Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.

Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.

4 minutes ago

THORChain has resumed activity after over a month of security verifications and upgrades, following a $10.7 million exploit that prompted a trading halt on May 15.

In a Tuesday X post, THORChain said it restored its network, including trading, signing, swaps and liquidity provider actions.

On Sunday, the protocol said it had confirmed the safety of most of its vaults through the KeyVerify protocol and retired the remaining legacy vaults as part of a migration to a new set of vaults. THORChain called the upgrade the “most significant milestone” in its recovery process. It also said it completed verification of every node's keyshare on Friday.

THORChain is one of the crypto industry's largest cross-chain trading protocols, enabling swaps between networks such as Bitcoin and Ethereum. The protocol has drawn scrutiny from blockchain investigators because hackers have used it to move stolen funds between blockchains.

Source: THORChain

THORChain ships security upgrades and migrates old vaultsTHORChain attributed the exploit to a vulnerability in its GG20 threshold signature scheme, which is used to secure protocol vaults by distributing key control across multiple node operators. According to the protocol, the flaw allowed a malicious node operator to reconstruct a full private key through what it described as “progressive key material leakage,” enabling the theft of $10.7 million.

The protocol implemented an emergency patch on May 20 to protect the remaining vaults before releasing an upgrade on June 9, which included a fix for the exploited vulnerability. A follow-up upgrade was rolled out on June 11 with additional stability improvements and fixes to the KeyVerify protocol.

THORChain network overview, node upgrades. Source: THORChain Explorer

With the recovery process largely complete, THORChain has also outlined plans for new network integrations.

THORChain said it will launch native swaps and vaults for privacy-preserving cryptocurrency Zcash (ZEC) within the next two weeks, followed by Monero (XMR).

It also plans to launch support for the Bittensor (TAO) token in about six weeks after the network’s restart.

Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express  

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

THORChain, the decentralized cross-chain liquidity protocol, has resumed trading operations after a roughly five-week pause triggered by a $10.7 million exploit on May 15, 2026. The breach, which targeted one of the protocol’s six Asgard vaults, marks THORChain’s third significant security incident in its operational history.

RUNE, THORChain’s native token, dropped 12-15% immediately following the exploit announcement in May. The recovery plan notably avoided minting additional RUNE tokens, opting instead to absorb losses through protocol-owned liquidity, a detail that likely prevented further downward pressure on the token’s price during the suspension.

How the exploit worked The protocol uses something called GG20 Threshold Signature Scheme (TSS), a cryptographic method that splits a private key among multiple node operators so no single party can move funds alone.

The attacker was a node operator who had joined the THORChain network just two days before the exploit. During signing ceremonies, the processes where node operators collectively authorize transactions, the malicious operator leaked key material. This allowed them to reconstruct the full private key for one Asgard vault and execute unauthorized transactions across multiple blockchains.

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THORChain’s automated solvency detection systems flagged the breach within minutes. The protocol uses a solvency checker with a 1% imbalance threshold, meaning the moment vault balances deviated by more than 1% from expected levels, automated halts kicked in for trading, signing, and churning processes.

Node operators then coordinated via Discord and used on-chain Mimir governance votes to formalize the shutdown and begin implementing a recovery plan.

The recovery playbook Rather than inflating RUNE’s supply to cover the $10.7 million loss, the protocol absorbed the hit through its protocol-owned liquidity reserves.

On the technical side, the team deployed two security patches, versions v3.18.1 and v3.19.1, during the downtime. A vault migration was also executed, moving funds to freshly secured vaults as part of the broader recovery strategy. And in a somewhat unexpected development, the protocol advanced its integration with native Monero (XMR) during the pause.

The community is now actively debating whether to move away from the GG20 threshold signature scheme entirely, with conversation centering on transitioning to a more robust cryptographic framework that would make the kind of key-leaking attack used in this exploit significantly harder or impossible to replicate.

Third time’s the pattern This is breach number three for THORChain. The two-day window between the attacker joining as a node operator and executing the exploit raises pointed questions about onboarding safeguards.

The automated response systems did work. Minutes-not-hours detection and halting is genuinely impressive for a decentralized protocol, and it likely prevented the $10.7 million loss from being significantly larger. The attacker only compromised one of six Asgard vaults, suggesting the damage could have been more severe if the automated systems had been slower.

What this means for investors The GG20 TSS migration discussion is the key variable to watch. If THORChain successfully transitions to a more secure signing scheme, it could emerge from this incident with battle-tested automated defenses and upgraded cryptography. If the migration stalls or introduces new complexity, the protocol’s risk profile remains elevated.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

According to a statement from THORChain, the cross-chain protocol platform restored trading and network operations on June 23, more than five weeks after a $10.7 million exploit forced its halt. The restart marks the end of one of the longest disruptions in the project’s history, and it comes after a scrutiny of security upgrades, vault migrations, and extensive verification procedures aimed at preventing a repeat of the May breach.

The THORChain exploit, which struck on May 15, targeted one of its Asgard vaults and exposed weaknesses in the protocol’s GG20 Threshold Signature Scheme (TSS). Unlike many DeFi recovery efforts, THORChain opted against issuing new RUNE tokens to absorb losses; instead, it relied on protocol-owned liquidity. The approach helped shield token holders from dilution while allowing the network to rebuild confidence ahead of its reopening.

Trading is live again on THORChain.

After more than a month offline, the network is fully back. Signing, churning, secured and trade assets, LP actions, and swaps are all up and running. The world’s leading Bitcoin DEX is open for business once again.

This recovery was never…

— THORChain (@THORChain) June 23, 2026

THORChain Bounces Back Five Weeks After Strengthening Its Infrastructure In a post announcing the restart, THORChain confirmed that trading, swaps, liquidity provider actions, and signing functions had all been restored after contributors completed security reviews and network upgrades. 

Specifically, the company said that: 

“Signing, churning, secured and trade assets, LP actions, and swaps are all up and running.”  The original attack drained approximately $10.7 million from a single vault. Investigators later determined that the attacker was a node operator who had joined the network just two days before the exploit and abused the platform’s vulnerabilities. 

The breach affected assets across at least nine blockchains, including Bitcoin, Ethereum, BNB Chain, Base, Avalanche, Dogecoin, Litecoin, Bitcoin Cash, and XRP. 

THORChain’s automatic solvency mechanisms detected unusual activity and halted signing operations before further damage could occur. Still, the incident was THORChain’s third major exploit since 2021. 

According to TRM Labs, cumulative losses associated with attacks involving the protocol have now approached $25 million. This makes the protocol highly questionable as far as its security approach and effectiveness are concerned. 

A Non-Dilutive Recovery Helped Stabilize Confidence The exploit initially sent RUNE down between 12% and 15%, erasing tens of millions of dollars in market value. However, the recovery plan’s decision to avoid minting additional tokens helped limit further pressure on the asset.

Governance discussions are now focused on replacing the GG20 threshold signature system with alternative security architectures. The incident has also reignited debate over node operator security and whether decentralized networks can adequately defend against insider threats.

Despite the successful restart, THORChain continues to face broader challenges. The protocol suspended its ThorFi lending business in 2025 amid insolvency concerns, while regulators and compliance firms have repeatedly highlighted its role in facilitating cross-chain transfers associated with major crypto hacks.

For now, the reopening represents an important milestone that could restore confidence in one of crypto’s largest cross-chain liquidity networks. However, the protocol’s team need an effective strategy to convince users to use THORChain again.

Regulators could also have an eye on the protocol to ensure it has effective measures in place to avert future risks. 

In This Article Crypto News Today: THORChain Resumes Operations Following $11M ExploitChainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In crypto news today (June 24), Bitcoin is struggling to reclaim $63,000, and this weakness has sparked fears that a drop to $60,000 is coming next. Although BTC/USD is stuck in a tight range, Michael Saylor’s Strategy has begun buying Bitcoin again.

Liquidations have cooled off from yesterday, with just $346M picked up, down from over $ 575M. Of that $346M figure, $278M was liquidations of long positions.

While BTC and ETH are down -0.5% and -1% in the past 24-hours, respectively, SUI and AVAX are two of the only major caps in the green today. SUI is up +2% while AVAX is up +3.5% since yesterday. Trading volume has picked up slightly since yesterday, now at $76Bn, up from $68Bn.

With Bitcoin and the broader market continuing to bleed, the Fear & Greed Index dropped to 17/100, falling below the 20-25 range that had held steady over the past week and indicating a fresh wave of investor concern.

Crypto News Today: THORChain Resumes Operations Following $11M Exploit THORChain has resumed trading after more than five weeks of downtime. On Tuesday, the decentralized cross-chain liquidity protocol announced it had restored operations, ending the pause triggered by a May exploit.

According to the team, transaction signing, liquidity provider actions, and swaps are now available again. THORChain positions itself as the world’s leading decentralized exchange for Bitcoin, allowing users to swap native assets across different blockchains without the need to wrap tokens or rely on centralized intermediaries for bridging.

Trading on THORChain was halted on May 15 after blockchain investigator ZachXBT and the security firm PeckShield reported a suspected exploit affecting Bitcoin, Ethereum, BNB Chain, and Base.

This vulnerability led to the withdrawal of approximately $10.7M from one of the protocol’s Asgard vaults, while the other five vaults remained unaffected.

THORChain is Back Online Following May Exploit

After more than a month offline, @THORChain has resumed trading.

According to the protocol, signing, churning, securing, and trading assets, LP actions, and swaps are all up and running.

The Bitcoin DEX got hit back in May,… pic.twitter.com/8lpjPB9p1B

— BSCN (@BSCNews) June 23, 2026

DISCOVER: Best Meme Coin ICOs to Invest in 2026

Chainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In other crypto news today, Chainlink has joined Project Pangea, a collaboration of 47 banks aiming to enhance cross-border payments with stablecoins. The initiative seeks to reduce foreign exchange settlement times from two days to near-instant execution.

It involves the European banking consortium Qivalis and South Korea’s UniKA alliance, which together manage over $10 trillion in assets, highlighting the significance of this project and Chainlink’s involvement.

Focusing on the Europe–South Korea trade corridor, with over $150Bn in annual trade, banks will use euro- and Korean won-denominated stablecoins for real-time settlement of transactions.

The Payment-versus-Payment (PvP) model will enable simultaneous currency exchanges, lowering both settlement risk and liquidity requirements, a key feature for the project.

Importantly, the initiative will be compatible with existing infrastructures such as SWIFT and ISO 20022, leveraging Chainlink for interoperability with blockchain systems.

Another day, another proof point of Chainlink powering real-world TradFi use cases 🏦@Chainlink and a coalition of 50+ global banks, representing $10T+ in AUM, are coming together to launch Project Pangea and unlock real-time T+0 atomic settlement for the international FX… https://t.co/wWg2LLwp5E pic.twitter.com/5YCczmgFB8

— Zach Rynes | CLG (@ChainLinkGod) June 23, 2026

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THORChain, a decentralized cross-chain liquidity protocol, has paused trading after blockchain security researchers flagged an exploit worth over $10 million. The protocol has reportedly suffered an exploit across Bitcoin, Ethereum, BSC and Base. As a result, RUNE price crashed 12% in a few hours.

THORChain Hit By $10M Crypto Losses in Exploit On-chain investigator ZachXBT on May 15 flagged an exploit on THORChain, claiming losses exceeding $10 million. The funds are stolen across multiple major blockchains, including Bitcoin, Ethereum, BNB Smart Chain (BSC), and Base.

In response, THORChain has halted all trading and swaps via its emergency protocol to contain the damage. The exploit involved large unauthorized outflows from THORChain’s router contracts across the affected chains.

Many security researchers and analytics platforms such as PeckShieldAlert revealed the attacker’s wallets. Notably, the wallets hold 36.85 BTC, 3,443 ETH, and 96.6 BNB, along with other tokens like USDT, USDC, and WBTC, according to Arkham data.

THORChain Exploiter Wallet’s Crypto Assets. Source: Arkham The incident triggered THORChain’s built-in halt mechanism, where nodes pause operations upon detecting the exploit to protect liquidity providers (LPs). This is reportedly the second notable security event for THORChain this year, amplifying concerns about DeFi interoperability risks.

Recently, KelpDAO suffered a hack worth $290 million. The attacker drained rsETH through KelpDAO’s LayerZero-powered cross-chain bridge, risking contagion to other DeFi protocols such as Aave.

RUNE Price Crashes 12% amid Market Reaction RUNE price fell 12% in just a few hours, with the price currently trading at $0.520. The 24-hour low and high are $0.502 and $0.597, respectively. Furthermore, trading volume has increased by almost 140% over the last 24 hours as investors book profits amid a decline in prices.

In contrast, CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total THORChain futures open interest jumped more than 6% to $24.80 million in just an hour. RUNE futures open interest spiked 19% in the past 4 hours, with an almost 17% and 19% jump on Binance and Bybit, respectively.

THORChain Futures Open Interest. Source: Coinglass If you’re looking for more cross-chain swap protocols, here are our reviews for the top 9 among the best cross-chain swap platforms in 2026.

Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.

Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.

5 minutes ago

UBS and TD Cowen sharply raise Arm’s target price, betting on a revaluation of Arm’s AI data center CPU value.

Arm’s stock price pulled back this week alongside the high-valuation AI sector, though some Wall Street analysts say the correction does not alter the company’s long-term standing in AI data centers. UBS sharply raised Arm’s price target from $260 to $470, retaining its Buy rating; TD Cowen lifted its target from $265 to $475, also keeping a Buy recommendation. Both firms share the view that as agentic AI evolves, CPUs could gain greater importance in data center architectures, rather than GPUs continuing to monopolize the investment narrative. TD Cowen believes that over the long term, CPUs could hold a more strategic position in certain AI workloads. UBS, meanwhile, emphasizes that the real debate in the market centers on the revenue potential of Arm’s self-developed or independent CPU business. The bank projects Arm’s CPU-related revenue could reach around $14 billion by 2030, though the company itself has stated this business will not have a material impact on its finances until fiscal 2028. Arm’s strengths lie in low latency and energy efficiency—metrics that major cloud providers are increasingly prioritizing as they expand AI infrastructure. Even with its stock pulling back from recent highs in the short term, analysts still view Arm as one of the key beneficiaries of the server CPU upgrade cycle.

5 minutes ago

Crypto whale who profited over $23.77 million from BAT ICO liquidates 27,586 ETH

According to monitoring by Yu Jing, a whale that earned $23.77 million from participating in the BAT ICO sold 15,000 ETH (valued at roughly $24.29 million) two hours ago. The whale has now fully liquidated all 27,586 ETH it received from selling 35 million BAT on-chain over the past day and a half, converting the proceeds into 44.836 million USDS at an average selling price of $1,625.

5 minutes ago

Sources: Iraqi officials once considered withdrawing from OPEC, but current plans are to remain a member and pursue a higher quota.

A senior Iraqi oil ministry official said that if OPEC quotas are not significantly increased, Iraq will be forced to consider all available options. Sources said Iraqi officials had considered withdrawing from OPEC, but the current plan is to remain a member and push for higher quotas. (Jinshi)

5 minutes ago

Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.

Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.

5 minutes ago

Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure

U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.

5 minutes ago

Table of contents

On July 24, 2025, Taiwan-based trading platform WOO X became the latest victim in a bruising summer of crypto breaches when attackers made off with roughly $14 million in unauthorized withdrawals from nine user accounts, forcing the exchange to pause withdrawals while it investigated and promised to reimburse affected users.

New chain-analysis shared by Yehor Rudytsia, Head of Forensics and Incident Response at Hacken, paints the post-heist picture as far more organized than a one-off theft. According to Rudytsia, the exploit, which Hacken dates to July, resulted in total losses of about $14 million and was carried out by a DPRK-linked actor tracked in law-enforcement circles as “TraderTraitor.”

Hacken says it is actively monitoring the on-chain movements and is supporting recovery efforts by flagging malicious addresses to the wider security community. The laundering choreography, as mapped by Hacken, left half the stolen funds on EVM networks and the rest on Tron and Bitcoin.

In the last 24 hours, on-chain traces show that the bulk of the EVM-side proceeds, more than $7 million, were routed through THORChain and swapped into Bitcoin, a technique observers have increasingly flagged as a common laundering path after major exchange thefts earlier this year. Rudytsia noted that THORChain’s native cross-chain swap functionality has repeatedly been used to convert large sums of ETH and ERC-20 tokens into BTC, making it attractive to sophisticated operators moving stolen assets across ecosystems.

On-chain Evidence Hacken’s report also documents the handling of the Tron-denominated portion (about $2.5 million in TRX). Those funds, the team found, were converted into USDT, bridged to Ethereum via LayerZero infrastructure, and from there, some of the bridged USDT was again pushed to Bitcoin through THORChain.

On-chain evidence of a nine-figure USDT transfer arriving on Ethereum from a LayerZero executor appears in public transaction records from October 1, 2025, which match the pattern Hacken described.

Complicating the trail, part of the funds that surfaced on Ethereum were sent to a wallet previously tied to the BingX hot-wallet exploit in 2024, itself attributed by investigators to North Korean-linked groups, suggesting either reuse of laundering infrastructure or coordination across multiple thefts.

The address that received those transfers is publicly visible on Ethereum explorer records, and investigators say the link deepens the picture of an organized laundering chain connecting multiple high-profile incidents.

Taken together, the movements indicate that roughly $8–9 million from the WOO X breach was bridged on the same day from Ethereum to Bitcoin, almost entirely via THORChain, leaving an estimated 90% of the stolen value now sitting on Bitcoin addresses as perpetrators accelerate conversion into the oldest and most liquid on-chain asset.

Security teams monitoring the flows warn that once funds consolidate on Bitcoin, conventional tracing and intervention become harder and the risk of eventual cash-out increases. Rudytsia told Blockchain Reporter that Hacken is continuing to monitor the accounts and will push flagged addresses to exchanges and compliance partners in the hope of freezing or otherwise freezing flow paths where possible.

For now, the case is a fresh reminder that as cross-chain tooling gets more powerful, it also gives sophisticated attackers faster, lower-friction routes to turn stolen tokens into harder-to-trace assets, and that forensic work on multiple chains, together with cooperation from on- and off-ramp services, remains the only immediate line of defence in today’s time.

AUTHOR

Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.

March 31 — Per on-chain detective ZachXBT’s monitoring, a Kraken user is suspected of falling victim to a social engineering attack, losing roughly $18.2 million. The attacker launched their operation roughly 45 minutes prior, using the SafePal wallet to transfer assets from the Ethereum network to Bitcoin’s network via the decentralized cross-chain protocol THORChain.

Relevant content

Preview: The U.S. May core PCE data will be released at 20:30 tonight, and is projected to hit its highest level since October 2023.

The Fed’s key inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released at 20:30 tonight, with markets expecting a sharp rise in May inflation that could reignite rate hike bets. The headline PCE year-over-year growth rate is projected to hit 4.1% in May, up from 3.8% in April and marking its highest level since 2023. Core PCE, which excludes food and energy, is forecast to rise to 3.4% year-over-year, up from 3.3% in April and its highest reading since October 2023. Core PCE has remained above the Fed’s 2% inflation target since 2021. The recent short-term inflation uptick was driven mainly by surging gasoline prices amid the Iran conflict in May. Oil prices have since edged lower following the signing of a peace deal between the U.S. and Iran, but core inflation has strengthened in tandem, indicating that price pressures are not solely tied to geopolitical oil shocks. Data from the CME FedWatch Tool shows that as of Wednesday, markets are pricing in a 34% probability of a 25 basis point rate hike in July. Aditya Bhave, U.S. economist at Bank of America Securities, noted that the recent inflation rebound stems in part from tariffs and one-off disruptions, but successive supply shocks have eroded the Fed’s patience, while deflationary room in the housing sector has largely been exhausted. Data shows that core PCE dipped to 2.6% in April, its lowest level since 2022, but annualized core PCE growth over the past three and six months has hovered near 3.8%.

14 minutes ago

SK Hynix plans to list on NASDAQ on July 10: A crypto whale opens 90% of its bullish positions in a single day, with all $21.27 million in long positions in unrealized profit.

According to Hyperinsight’s monitoring, SK Hynix officially announced its U.S. listing date today, targeting a July 10 debut on the NASDAQ. The company had previously disclosed a over $29 billion listing fundraising plan yesterday afternoon. Driven by listing optimism, SKHX surged 14% intraday, hitting $1930 at press time, with a daily trading volume of $407 million and open interest of $237 million. Since the news broke yesterday, 10 whales have built positions in SKHX on Hyperliquid, 9 of which opened long positions totaling around $21.27 million, at an average entry price of ~$1797.8 and average unweighted liquidation price of ~$1390.6. With price gains, all 9 long positions are now in unrealized profit. Market data shows that positions of over $1 million amount to roughly $140 million, with a long-short ratio (longs/shorts) of ~0.715. The average entry price for longs is ~$1672, while shorts average ~$1640. The nearest short liquidation threshold stands at $2149, just $200 away from the current price, mounting short-side pressure. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as admin (enable message sending permission) to auto-sync on-chain updates.

14 minutes ago

The "Retail vs. Wall Street" concept-linked token WEN continues its strong run, rising over 18% in after-hours trading.

According to Bitget market data, Wendy's (WEN) rallied 25.66% in the regular trading session, then climbed an extra 18.96% in after-hours trading, now changing hands at $9.35. Earlier reports noted that Serenity took to Twitter to mock the latest meme stock movement unfolding on Reddit's high-risk trading communities, targeting U.S. fast-food chain Wendy's. The Reddit community's meme warning reads: "If Wendy's goes bankrupt, we'll all be out of jobs, and after losing all our trading money, we'll have to work behind Wendy's trash cans." Serenity later clarified that they hold no positions, only found the activity amusing, and added they were unsure if the campaign would succeed. Wendy's holds a special cultural status on Reddit's WallStreetBets community; for years, "working behind Wendy's trash cans" has been a staple joke among retail investors mocking their trading losses.

14 minutes ago

Danske Bank: Federal Reserve may raise interest rates at least twice

Danske Bank senior analyst Kirstine Kundby-Nielsen and chief analyst Jens Peter Sorensen stated in a report that they expect the U.S. Federal Reserve to raise interest rates twice, in December 2026 and March 2027 respectively, bringing the federal funds rate to 4.00%-4.25%. "However, we emphasize there is a risk that rate hikes could come earlier and that the number of hikes may exceed two," they said. The first Federal Reserve meeting led by Kevin Warsh sent a clear signal that the Fed is increasingly moving away from forward guidance surrounding future monetary policy decisions. "All signs indicate that (the Fed) is leaning toward having greater discretion in future policy decisions," the Danske Bank analysts added. Source: Jin10

14 minutes ago

SK Hynix's stock price rise widened to 15.4%, while Samsung Electronics gained 6.3%.

According to Bitget data, SK Hynix’s stock price gain has widened to 15.4%, with Samsung Electronics up 6.3%.

14 minutes ago

The entire cryptocurrency market is down across the board; funding rates indicate BTC remains in bearish territory, while ETH’s bullish sentiment is significantly stronger than BTC’s.

According to HTX market data, Bitcoin is currently trading at $61,684.51, down 1.88% in the past 24 hours; Ethereum is at $1,647.36, down 1.48% over the same period. Current funding rates on major centralized exchanges (CEXs) show a clear divergence between BTC and ETH: BTC rates across all platforms have fallen back into bearish territory, while ETH rates on most platforms remain above the neutral range, indicating significantly stronger bullish sentiment for ETH than BTC. BlockBeats Note: Funding rates are fees set by cryptocurrency trading platforms to maintain the balance between contract prices and underlying asset prices, typically applicable to perpetual contracts. They serve as a fund exchange mechanism between long and short traders; platforms do not collect these fees, instead using them to adjust the cost or return of traders holding contracts, so that contract prices stay close to the underlying asset prices. A funding rate of 0.01% is the benchmark. A rate above 0.01% indicates broad bullish market sentiment, while a rate below 0.005% signals widespread bearish sentiment.

14 minutes ago

Kujira and THORChain Unite to Enhance DeFi Capabilities and Liquidity This partnership is expected to accelerate Kujira’s growth and solidify its position in the DeFi sector. A key component of this partnership is an underwritten token raise designed to clear existing debt. It also aims to align the economic interests of both the Kujira and THORChain communities.

This token raise is unique in that it is open to the community, ensuring broad participation and support. Importantly, this initiative is accompanied by operational changes aimed at preventing similar financial challenges in the future. These changes will strengthen the overall resilience of the Kujira platform.

Source: X JPTHOR, the founder of THORChain, has committed to backstop the token raise with $3 million. This set a minimum threshold for the funds raised via the PILOT platform. This commitment ensures that depositors in affected vaults can withdraw their funds after the conclusion of the sale.

It offers a significant layer of security and confidence to all participants. This move signals the partnership’s potential and the commitment of both parties to its success.

The upcoming token sale is expected to be a pivotal moment for Kujira. It will go live shortly after a community vote ratifies the outlined details. The sale will run for three days and will feature two concurrent auctions—one aimed at repaying the $USDC debt, and the other at repaying the $USK debt.

Source: X Participants will have the flexibility to bid with both $USDC and $USK, as well as their respective wrapped tokens, $xUSDC and $xUSK. This inclusive approach allows current depositors to participate fully, ensuring that the entire community has a stake in the future of Kujira.

Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

THORChain’s RUNE price experienced a 13% rally, catapulting it to the forefront of the market’s gainers. This surge was not merely the result of market whims but rather a strategic play intertwined with Bitcoin’s bullish momentum and a pivotal partnership with Kujira.

Key to the rise is THORChain’s fresh collaboration with Kujira, which improves liquidity and community interaction.

The Kujira collaboration is noteworthy for its community-driven approach to fundraising. Unlike traditional methods, this project empowers the broader community to participate actively, ensuring a more inclusive financial model.

This approach aims to address existing financial challenges and promote stability within both ecosystems, fostering a more resilient DeFi environment.

Partnerships and Integrations Bolster THORChain Price In addition to the Kujira partnership, THORChain has been busy expanding its network through alliances with SwapKit and Noble. These partnerships are crucial for integrating stablecoins into THORChain’s AppLayer, enhancing the platform’s usability and liquidity.

Noble’s role in providing native USDC issuance is particularly key, streamlining the deposit process with single-click functionality and further integrating stablecoins into the THORChain ecosystem.

The partnerships between THORChain, SwapKit, and Noble illustrate a growing DeFi trend where platforms collaborate to boost liquidity, improve user experience, and strengthen financial stability. By tackling current issues and adding new features, these alliances could significantly benefit the RUNE ecosystem’s long-term success.

These strategic moves are indicative of a larger trend within the DeFi space, where collaboration is key to improving liquidity, user engagement, and financial stability. By integrating stablecoin support, THORChain is positioning itself as a more versatile and user-friendly platform in the competitive DeFi landscape.

Bitcoin’s Impact on the Broader Market The current price explosion by THORChain also corresponds with an evident rise in the value of Bitcoin. Bitcoin exceeded the $61,000 barrier on August 13, which set off a strong knock-on effect throughout the crypto market

A surge in trading volumes, reaching approximately $29.2 billion, accompanied Bitcoin’s rise of over 3%. The increase in Bitcoin’s market cap, which grew by 3.14% to $930 billion, has undoubtedly played a role in the bullish sentiment surrounding THORChain and the general market.

The broader crypto market also saw an uplift, with the global market cap increasing by 0.39% to $2.09 trillion.

This narrative of surges, alliances, and data-driven innovations points towards a future where decentralized finance takes center stage, showcasing the power of strategic collaborations and visionary movements in the ever-evolving world of cryptocurrencies.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Varuni Trivedi

Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.

In This Article THORChain Founder Claims That Rujira Could Rival SolanaThe RUJIRA Alliance Has Been Born Out Of Necessity After The Kujira Team Mishandled Its Treasury Decentralized finance (DeFi) network Kujira and three major ecosystem projects have announced plans to merge into a single entity called the “Rujira Alliance.” The alliance aims to build a new application layer for the cross-chain liquidity protocol THORChain.

The alliance will see Kujira merge with three of its “key ecosystem” partners: Fusion (FUZN), Unstake (NTSK), and Wink (WINK). The four teams will work together to develop the new app layer on THORChain, which will be powered by a new token called RUJI.

THORChain Founder Claims That Rujira Could Rival Solana I'm super excited to have the opportunity to build alongside @TeamKujira ecosystem and ship a flagship COSM-WASM chain with massive liquidity.

– well funded
– well organised
– well supported
– single brand and identity
– cohesive ecosystem

What is on offer here is not "another…

— JP.THOR | ACEL (@jpthor) September 9, 2024

The merge will not affect the functionality of Kujira’s existing KUJI token or the project’s native blockchain network. The Kujira and THOR teams have stressed that merging into RUJI will be voluntary.

John-Paul Thorbjornsen aka ‘JP THOR’, is the founder of THORChain and has been speaking on the alliance. In a post on his X account, JP said that Rujira can rival Solana.

“What is on offer here is not “another little project” – it is an L1 DeFi behemoth that can rival Solana – simply because it has worked out: security, decentralization, liquidity, governance, and no MEV. Bringing back Terra 2020 app-chain vibes LFG!!!” Thorbjornsen said.

In an interview with Cointelegraph, JP said that the new project would feature a “combined treasury” and that he would be the project lead for the foreseeable future, allowing the Kujira team to focus solely on building out the Rujira app layer.

He went on to say that the new app layer will feature a product for each major DeFi vertical, including order books, perps, a token launchpad, non-fungible tokens (NFTs), lending, and money markets, which is “fully plumbed to eight chains already.”

Brand new fully onchain orderbook DEX is launching

$200m+ in starting seed liquidity, including $42m+ $BTC

Complete full featured DeFi ecosystem right out of the gate

Native crypto deposits, revenue paid out to stakers

Token only $100m market cap

IYKYK 😉$RUJI pic.twitter.com/4kmI5CbgTt

— PostTenebras (@PostTenebras2) September 9, 2024

EXPLORE: Metaplanet Purchases Additional 38.46 $BTC as Bitcoin Rebounds Above $57,000

The RUJIRA Alliance Has Been Born Out Of Necessity After The Kujira Team Mishandled Its Treasury This new alliance is necessary for the Kujira network. It was announced last month (August 1) that its founding team was facing a series of liquidity issues stemming from “exploits, socially engineered attacks, and fallouts within the ecosystem.”

The team started a KUJI sale to pay for the bad debt, with the token available at a discounted price. JP participated in the sale and bought between $2-3 million worth of KUJI on a pre-agreed condition that Kujira would migrate to THORChains new applayer.

GM all. We’d like to address the current events.

As a team we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem in order to bootstrap liquidity and activity. We genuinely felt like this was the correct course of action at the… pic.twitter.com/qBw9w6y94b

— Rujira (@RujiraNetwork) August 1, 2024

At the time of the August 2 announcement, the KUJI token tanked around 70% in less than 24 hours. It is currently trading for $0.38, down 13.4% in the past 24 hours. KUJI has fallen over 93% from its all-time high of $5.56 on December 13, 2023.

On the other hand, following the announcement, THORChain’s native RUNE token has been up 7% in the last 24 hours. It is currently trading at around $3.92. All token data is from Coingecko.

(COINGECKO)

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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1000X ROI Opportunity with Infinaeon? RUNE Price Prediction Updates and Crypto Market Volatility

PANews, June 23 – According to an announcement from THORChain, the network has fully resumed operations after more than a month of downtime. Core functions including signing, node churning, asset custody, liquidity provision, and cross-chain swaps have all been brought back online, and trading services have officially resumed. THORChain stated that safety and stability were the top priorities for this recovery, and comprehensive verification of vaults and key shares has been completed. The future roadmap includes native Monero swaps, Zcash support, dynamic fees, and deeper liquidity optimization.

Iran's Revolutionary Guards Corps warned that any vessels using the Strait of Hormuz route without Tehran's approval will be targeted.

Iran's Islamic Revolutionary Guard Corps (IRGC) issued a stern warning to international shipping on Wednesday, stating that any new shipping route through the Strait of Hormuz established without coordination with Tehran is unacceptable and dangerous, and threatening to take direct action against vessels that ignore its orders. The IRGC declared that vessels can only safely transit the Strait of Hormuz via routes designated by Iran. The IRGC Navy added that all vessels seeking to transit the strait must coordinate with the Iranian military via International Maritime Distress and Safety Frequency Channel 16, a requirement that effectively places Iranian military approval at the core of all commercial shipping transiting this key chokepoint. (Jinshi)

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A crypto whale holding 120,000 ETH long positions has an unrealized loss of over $77 million, and added $8 million in margin in the early hours.

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A crypto whale holding 120,000 ETH long positions is sitting on an unrealized loss of over $77 million, and added $8 million in margin in the early hours.

According to on-chain analyst ai_9684xtpa’s monitoring, the whale holding a long position of 120,000 ETH added $8 million in margin again in the early hours. Currently, the ETH long positions across its four associated addresses have accumulated an unrealized loss of approximately $77.047 million, with an average entry price of around $2,265. Data shows the liquidation prices for the four addresses are $1,174.6, $1,059.1, $1,064.7, and $1,143.6 respectively. Despite the massive unrealized loss, there is still a significant buffer before liquidation, and over 6 million USDC are still held on-chain to supplement margin, leading to low short-term liquidation risk.

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Market Sentiment: Current sentiment among smart money and retail funds in the market is at a neutral level.

According to the latest data from SentimenTrader, as of June 24, the Smart Money Confidence Index stands at 0.56, while the Dumb Money Confidence Index is at 0.49. Both smart money and retail investor sentiment are currently in the neutral range, with no clear optimistic or pessimistic bias emerging in the market.

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Attorneys for former Alameda Research CEO Caroline Ellison asked that she be spared a prison sentence for her role in the FTX collapse, citing her “extraordinary cooperation” in testifying against FTX founder Sam Bankman-Fried.

In a Sept. 10 court filing, they noted that the Probabtion Department had recommended three years of supervised release instead, and highlighted Ellison’s key role in securing Bankman-Fried’s conviction.

She faces up to 110 years in prison but is likely to receive a lighter sentence due to her assistance.

Bankman-Fried Instructed Ellison To Compile False Balance Sheets Ellison provided the most damning testimony during Bankman-Friend’s trial, which subsequently led to his 25-year prison sentence.

Ellison described how Bankman-Fried instructed her to compile misleading balance sheets for investors. She also revealed how the FTX founder pursued risky investments knowing full well that it would lead to a draw down for investors. 

Ellison “poses no risk of recidivism and presents no threat to public safety,” Ellison’s attorneys said in the filing. Her “early disclosure of the crimes, her unmitigated acceptance of responsibility for them,“ as well as the three days she testified as a government witness against Bankman-Fried were listed in the filing as reasons for the court to grant her leniency.

Caroline Ellison's lawyers want to redact parts of her sentencing submission because she "has been the focus of intense media scrutiny and Internet fascination" pic.twitter.com/d2d8Ip98oS

— Jacob Shamsian ⚖️ (@JayShams) September 10, 2024

Diary entries and statements showing Ellison’s cooperation with FTX’s bankruptcy estate were also a part of her sentencing submission, along with letters from former colleagues, friends and family. 

Caroline Ellison Faces Up To 110 Years In Prison Ellison pleaded guilty to seven counts of wire fraud, money laundering, commodities fraud and securities fraud in commingling of FTX and Alameda Research funds.

If given the maximum allowable sentence, Ellison could be sentenced to 110 years in prison, although legal experts say her cooperation and testimony make this unlikely.

Ellison is scheduled to appear in court for her sentencing on Sept. 24.

Former FTX engineering director Nishad Singh and the exchange’s co-founder Gary Wang will have their sentencing hearings on Oct. 30 and Nov. 20, respectively.  Wang and Singh also pleaded guilty.

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On May 11, PeckShield monitoring revealed the TrustedVolumes attacker’s activities: depositing 10.2 ETH (valued at approximately $23,600) into Tornado Cash; using THORChain to swap 110 ETH for BTC via a cross-chain transaction (totaling roughly $250,000 in involved funds); and attempting to deposit 0.5 ETH into Railgun before reversing course and withdrawing the funds.

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