THORChain's native token RUNE gained over 15% in the last 24 hours while the broader cryptocurrency market declined by $160 billion in capitalization. The market downturn followed a hack at Binance that resulted in losses of approximately $6.30 billion.
Network Activity Spikes Following Hacks
Analysis suggests that stolen funds from recent crypto hacks have been routed through THORChain. Funds from the Binance hack were traced to an address that previously received $388 million from the Bitget incident after passing through THORChain, potentially indicating activity by the same actor.
Network activity metrics reflect this surge in volume. Transaction fees reached a weekly high of $11,000, while swap volumes totaled $62.08 million on the mainnet and $94 million through the platform's bridges. Approximately $8.94 million of the hacked funds was converted to Bitcoin, $6.17 million to Ethereum, and $1.18 million to other tokens.
RUNE's daily trading volume surged over 393% in response to the increased network activity.
Platform Response Raises Concerns
Some users expressed concern that THORChain may be facilitating fund laundering, particularly after the platform posted "Digital money needs digital freedom" immediately following the hack. The timing and language of the statement drew criticism on social media, with some interpreting it as tacit support for the illicit activity. Other blockchain networks, including Arbitrum One, froze funds related to the hack.
Price Action and Technical Resistance
RUNE rallied from $0.58 to $0.723 but encountered resistance at the $0.70 level, where it failed to sustain gains. The token briefly dipped below $0.60 following the hack before recovering to establish $0.60 as a floor. Technical indicators showed bullish momentum, with the MACD bars turning green and the Chaikin Money Flow rising from -0.04 to 0.31, indicating capital inflows. However, unless $0.70 converts to support, RUNE may continue oscillating between $0.60 and $0.70.
