$RUNE
The reason for today's rise is the *Binance hack story*, not positive news about the project:
*What exactly happened:*
1. On Friday, Binance confirmed a *$6.3 billion* hack—the largest theft in crypto history. Investigator ZachXBT tracked the money and discovered that it had passed through THORChain before being consolidated into one address along with funds from the earlier Bitget hack ($388M).
2. *Why does RUNE rise when hackers use it?* Because every swap through THORChain generates fees for Node Operators and Liquidity Providers. Swap volume exploded:
- $62M on the mainnet + $94M via bridges within hours
- Fees reached their highest level in a week
- RUNE trading volume rose *+393%* that day
The market sees this as "network usage," even if the usage is illicit, so it sparked speculation.
3. *Why did it fall and then start rising again today?*
- After rising to $0.67 on Friday, RUNE fell to $0.508 yesterday after the FBI formally asked THORChain to block the hackers' addresses, sparking a heated debate over whether THORChain is a decentralized protocol or an exchange. This put the price under pressure, down 17%.
- Today's +11% is a *technical bounce from the $0.50 support level* + short covering. The team said it has no mechanism to stop individual transactions, only to halt an entire chain, leading some traders to bet that usage would continue.
*Bottom line:* The rise isn't due to development or a new partnership; it's a speculative rally driven by increased network activity from laundering stolen money.
#Verify1to1BinanceReserves
#SBIFirstHalfCryptoRevenueFalls30.1%
#USMidtermElections
#BinanceReopensWithdrawalsForMoreAssets
The reason for today's rise is the *Binance hack story*, not positive news about the project:
*What exactly happened:*
1. On Friday, Binance confirmed a *$6.3 billion* hack—the largest theft in crypto history. Investigator ZachXBT tracked the money and discovered that it had passed through THORChain before being consolidated into one address along with funds from the earlier Bitget hack ($388M).
2. *Why does RUNE rise when hackers use it?* Because every swap through THORChain generates fees for Node Operators and Liquidity Providers. Swap volume exploded:
- $62M on the mainnet + $94M via bridges within hours
- Fees reached their highest level in a week
- RUNE trading volume rose *+393%* that day
The market sees this as "network usage," even if the usage is illicit, so it sparked speculation.
3. *Why did it fall and then start rising again today?*
- After rising to $0.67 on Friday, RUNE fell to $0.508 yesterday after the FBI formally asked THORChain to block the hackers' addresses, sparking a heated debate over whether THORChain is a decentralized protocol or an exchange. This put the price under pressure, down 17%.
- Today's +11% is a *technical bounce from the $0.50 support level* + short covering. The team said it has no mechanism to stop individual transactions, only to halt an entire chain, leading some traders to bet that usage would continue.
*Bottom line:* The rise isn't due to development or a new partnership; it's a speculative rally driven by increased network activity from laundering stolen money.
#Verify1to1BinanceReserves
#SBIFirstHalfCryptoRevenueFalls30.1%
#USMidtermElections
#BinanceReopensWithdrawalsForMoreAssets