Nearly $900 million in stolen funds has moved, with cross-chain protocols serving as the conduits.
According to PANews on November 10, Onchain Lens reported that approximately $891 million of the roughly $6.34 billion stolen from Binance may have been transferred or laundered by hackers. Of the remaining $5.45 billion, $2.85 billion is still under the hackers’ control, while $2.6 billion has been frozen. Over the past two or three days, funds have mainly flowed out through the cross-chain protocols THORChain and Chainflip. Neither protocol has yet restricted transactions involving the wallets in question.
The fact is that the funds are moving; the view is that the pressure is falling on the protocols. The path taken by these funds puts decentralized cross-chain protocols squarely in the spotlight of regulators and scrutiny, placing RUNE and FLIP under the microscope. If the protocols are later forced to restrict the addresses involved, the credibility of the decentralization narrative and demand for cross-chain services could be repriced. If the protocols proactively cooperate with scrutiny, they may instead earn positive trust from institutional investors seeking compliant options. Are you more interested in whether THORChain and Chainflip will impose restrictions, or whether the $2.6 billion can actually be returned?
Source: PANews
Image 1: Nearly $900 million in Binance stolen funds may have been transferred out, with THORChain and Chainflip serving as the main conduits · Screenshot from the source page
Image source: https://www.panewslab.com/zh/articles/01a1c5d4-e7ac-7302-9a1a-62a222c1c92d
According to PANews on November 10, Onchain Lens reported that approximately $891 million of the roughly $6.34 billion stolen from Binance may have been transferred or laundered by hackers. Of the remaining $5.45 billion, $2.85 billion is still under the hackers’ control, while $2.6 billion has been frozen. Over the past two or three days, funds have mainly flowed out through the cross-chain protocols THORChain and Chainflip. Neither protocol has yet restricted transactions involving the wallets in question.
The fact is that the funds are moving; the view is that the pressure is falling on the protocols. The path taken by these funds puts decentralized cross-chain protocols squarely in the spotlight of regulators and scrutiny, placing RUNE and FLIP under the microscope. If the protocols are later forced to restrict the addresses involved, the credibility of the decentralization narrative and demand for cross-chain services could be repriced. If the protocols proactively cooperate with scrutiny, they may instead earn positive trust from institutional investors seeking compliant options. Are you more interested in whether THORChain and Chainflip will impose restrictions, or whether the $2.6 billion can actually be returned?
Source: PANews
Image 1: Nearly $900 million in Binance stolen funds may have been transferred out, with THORChain and Chainflip serving as the main conduits · Screenshot from the source page
Image source: https://www.panewslab.com/zh/articles/01a1c5d4-e7ac-7302-9a1a-62a222c1c92d
