This purchase corresponds to approximately 900,000 TCY, which equals about 27.9%. The goal here is not only to monitor the protocol’s debt conversion strategy but also to ensure long-term confidence and create strategic opportunities.

What is THORChain?

THORChain is a decentralized cross-chain liquidity protocol that allows users to swap assets between different blockchain networks. One of the most important innovations that has emerged in the decentralized finance (DeFi) space is the automated market maker (AMM) model.

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What is TCY?

THORChain Yield ($TCY) was created as a token developed to solve the debt crisis that THORChain experienced for a certain period. Through Proposal 6, TCY aims to help debt creditors compensate their receivables at a rate of “1 TCY = $1”.

TCY holders can continuously receive 10% of THORChain’s revenue, which essentially turns creditors into long-term partners of the protocol.

How Will the $5 Million Buyback Work?

A total of $5 million from the THORChain treasury has been allocated for a buyback plan designed to support the TCY price and strengthen liquidity. Current progress shows that approximately 27.9% of the program has been completed, resulting in nearly 900,000 TCY being purchased. The plan includes weekly TCY buybacks worth $500,000, forming a 10-week process that can be clearly monitored through tracking channels such as Raynalytics.

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The crypto industry was shaken on February 21 by the largest hack in history, as Bybit lost more than $1.4 billion in liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other digital assets.

According to a report by crypto analytics firm Block Scholes on April 9, Bybit has steadily recovered its share in the market:

“Since this initial decline, Bybit has steadily regained market share as it works to repair sentiment and as volumes return to the exchange,” the report noted.

Bybit’s proportional market share climbed from a post-hack low of 4% to approximately 7%, signaling a strong and stable recovery in both spot trading volume and market activity.

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The report also emphasizes that the decline in volume was not solely due to the hack but was part of a larger macroeconomic de-risking trend that began even earlier.

$1.4 Billion Laundered Through THORChain

The Bybit hackers took 10 days to launder the stolen funds through the decentralized cross-chain protocol THORChain, as reported.

Despite these efforts, 89% of the hacked amount remains traceable via blockchain analytics.

North Korea’s Lazarus Group Suspected

Blockchain security firms such as Arkham Intelligence have linked the attack to North Korea’s Lazarus Group, citing ongoing fund movement patterns designed to obscure origins.

According to Chainalysis, North Korean cyber activity declined sharply after July 1, 2024, even though the first half of the year saw a surge in such exploits.

Eric Jardine, Chainalysis’ Cybercrime Research Lead, commented:

“The slowdown began after the Russia–North Korea summit, which likely shifted DPRK resources toward military involvement in Ukraine. We speculated in our report that this could also include cyber resources. Fast forward to early February—and you have the Bybit hack.”

Industry Analysts Raise Alarm on Exchange Vulnerabilities

The Bybit breach highlights the ongoing vulnerability of centralized exchanges, even those with high security standards.

Meir Dolev, CTO of Cyvers, compared the exploit to other recent attacks such as the $230 million WazirX hack and the $58 million Radiant Capital hack, underlining recurring attack vectors.

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The February 21 Bybit attack was recorded as one of the biggest hacking incidents in crypto history. Blockchain security firms stated that the North Korea-linked Lazarus Group was behind the attack. Hackers made extensive use of THORChain to launder stolen assets and the protocol’s transaction volume exploded.

• THORChain’s total swap volume exceeded $5.4 billion.
• The protocol generated $5.5 million in revenue after the hack.
• In a single day after the attack, $1 billion in swap volume was recorded.
• On February 27, THORChain’s daily revenue reached $554,000.

In this process of increasing discussions on crypto security, THORChain is criticized for not being able to prevent hackers’ transactions due to its decentralized structure.

Resignation Decision from THORChain Developer

After the protocol was used by hackers, internal discussions started in the THORChain community. On February 28, a developer announced his departure from the protocol.

One of THORChain’s core developers, who goes by the pseudonym “Pluto ”, announced that he was leaving the project after a decision to block North Korea-linked illicit funds was overturned.

In a February 27 post, Pluto said, “I will no longer contribute to THORChain.”

While these discussions continued, Elliptic identified 11,084 wallet addresses linked to the Bybit hack on February 26. Bybit CEO Ben Zhou said on March 4 that $280 million of the stolen funds have been completely lost.

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North Korea-Linked Lazarus Group in Action!

According to a pseudonymous crypto analyst, the Lazarus Group, linked to North Korea, has successfully laundered the majority of the funds stolen from Bybit on February 21. Only 156,500 ETH remains to be moved, which is expected to happen within the next three days.

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The FBI has flagged 51 Ethereum addresses, while Elliptic has identified over 11,000 wallet addresses connected to the hackers. Chainalysis reports that the attackers have converted portions of the stolen Ether into Bitcoin (BTC), Dai (DAI), and other assets using DEXs, cross-chain bridges, and instant swap services.

THORChain Under Fire!

Hackers have been utilizing decentralized protocols to obscure their transactions. One of the most criticized platforms in this process has been THORChain. Developer “Pluto” announced they would no longer contribute to the protocol after a proposal to block North Korean hacker-linked transactions was overturned.

The Bybit hack, with a $1.4 billion loss, is the biggest exploit in crypto history, surpassing the $650 million Ronin Bridge hack from March 2022 by more than double.

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THORChain Developer and Validator Exit Over Voting on North Korean Hacker Transactions

A THORChain developer announced they are stepping away from the protocol after a vote to block transactions linked to North Korean hackers was reversed. The developer, known by the pseudonym “Pluto,” stated on February 27 that they will no longer contribute to THORChain but will remain available to assist with the transition of their responsibilities.

This decision came after THORChain validator “TCB” revealed that a vote to stop Ether trading to prevent transactions related to the Lazarus Group, a North Korean hacking group, was quickly reversed.

Lazarus Group Moves $605 Million via THORChain, Boosting Volume

TCB announced on X that they would also consider exiting if a solution to stop North Korean flows is not found soon. The Lazarus Group has continued to use THORChain to move funds from a $1.5 billion hack of Bybit on February 21. 

On February 28, the group transferred $605 million worth of ETH through THORChain, contributing to a significant rise in transaction volume. On February 26, THORChain recorded its highest-ever daily transaction volume at $860 million.

FBI Confirms North Korea’s Role in Bybit Hack

The FBI has confirmed North Korea’s involvement in the Bybit hack and has called on crypto validators and exchanges to block the Lazarus Group.

THORChain founder John-Paul Thorbjornsen stated that the protocol does not launder money and that the rapid movement of funds makes censorship unrealistic.

TCB criticized THORChain, stating it is not truly decentralized and that creating a censorship-resistant structure is difficult due to the small number of actors involved in the network.

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THORChain Plans to Convert $200 Million Debt into Equity

THORChain‘s node operators have approved a proposal to address the platform’s liquidity issues by converting its defaulted debt into equity tokens.

On January 23, THORChain suspended its Bitcoin and Ether lending and savings programs to prevent an insolvency crisis and begin restructuring its debt. The platform paused ThorFi redemptions for 90 days to give the community time to devise a plan to stabilize operations.

After the suspension, the THORChain community proposed several restructuring plans aimed at ensuring the network’s continued operation and compensating affected users.

On February 2, the platform’s node operators approved a plan to convert the defaulted debt into equity tokens, which will be distributed to affected users.

Converting $200 Million Debt into Equity Tokens

The approved plan involves minting 200 million “TCY” tokens and airdropping them to users affected by the debt. Each TCY token will represent $1 of the platform’s debt, allowing users to claim one token for every dollar owed.

According to the plan, the new token will receive 10% of the network’s revenue indefinitely. Aaluxx Myth of Maya Protocol, the pseudonymous author of the proposal, explained the details:

“TCY will receive 10% of the fees paid out in RUNE every 24 hours, pro-rated based on TCY holdings. This uncaps the upside potential for new liquidity that bails out users. Risk-averse users can sell their RUNE for any asset of their choice daily.”

Additionally, THORChain’s treasury will create a liquidity pool, allowing tokenholders to sell their claims as they wish. The platform stated that this plan will enable creditors to exit on their own terms, as market demand for THORChain‘s revenue “reflects in the token’s price.”

While the protocol has set out its plan, the timeline and specifics are still being finalized.

Community Concerns Over the Restructuring Plan

While the restructuring plan aims to repay investors, some community members have raised concerns.

One community member expressed that the plan is complicated and would require additional investment and trust in THORChain, noting the platform’s history of mismanaging funds and trust. The user also pointed out that new capital would be “permanently taxed” under the plan.

There are also concerns about whether the new token, which grants 10% of the platform’s revenue to holders, could be classified as an unregistered security. Another user speculated that this might lead to legal actions against THORChain.

Another community member seemed unconvinced that the perpetual revenue share promised by the tokens would last, suggesting it would only be valid until the platform changes its stance.

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The post THORChain Greenlights $200 Million Debt Restructuring Proposal appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USDT pair has gained 1.47% in the last 24 hours and is currently trading at $107,304. Bitcoin (BTC) broke the $105,766 resistance mentioned in previous analyses, setting a new ATH. If the upward move continues, the next resistance level stands at $107,465. The support levels are at $105,776 and $103,668, respectively.

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Ethereum (ETH): The ETH/USDT pair has risen 0.78% in the last 24 hours and is now trading at $4,017. For ETH, the resistance levels are first at $4,025 and then at $4,088. Support levels are at $3,988 and $3,949.

Ethena (ENA): The ENA/USDT pair has dropped 6.07% in the last 24 hours and is currently trading at $1.16. Resistance levels for ENA are at $1.20 and $1.28. Support areas are at $1.148 and, in case of a deeper decline, $1.118.

THORChain (RUNE): The RUNE/USDT pair has gained 4.82% in the last 24 hours and is currently trading at $6.74. RUNE has resistance levels at $7.07 and $7.23. Support areas are at $6.69 and, if the decline deepens, at $6.47.

TRON (TRX): The TRX/USDT pair has increased 3.32% in the last 24 hours and is currently trading at $0.291. Resistance levels for TRX are at $0.304 and $0.329. Support levels are at $0.288 and, in case of further declines, $0.277.

Trending Coins

Over the last 24 hours, the most trending coins in the crypto market are Hyperliquid (HYPE), Vana (VANA), and Virtuals Protocol (VIRTUAL). Among the top gainers are The Dogeson (DOGESON), Simon’s Cat (CAT), and STAU (STAU). Meanwhile, the biggest losers include Vana (VANA), Zerebro (ZEREBRO), and Fartcoin (FARTCOIN).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, we see a prominent liquidation of $37.8 million at the $107,991 level on the upper side. On the lower side, there is $37.2 million liquidation at the $105,851 level.

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Key Intraday Levels for Bitcoin

The BTC/USDT pair gained 0.38% in the last 24 hours and is currently trading at $68,577. If the decline deepens, Bitcoin (BTC) could fall to a lower support level of $68,200 or further down to a support zone of $66,200. Our resistance levels are $69,400 and $71,000, respectively.

Ethereum (ETH): The ETH/USDT pair has gained 0.75% in the last 24 hours and is currently trading at $2,462. The resistance levels for ETH are $2,500 and then $2,630. The support levels are at $2,440 and $2,380.

Mina (MINA): The MINA/USDT pair has lost 3.02% in the last 24 hours and is currently trading at $0.46. The resistance levels for MINA are $0.50 and then $0.56. The support levels are at $0.46, with a further decline potentially bringing it down to the $0.43 support area.

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NEAR Protocol (NEAR): The NEAR/USDT pair has lost 3.10% in the last 24 hours and is currently trading at $3.63. The resistance levels for NEAR are $4.22 and then $4.62. The support levels are at $3.53, with a deeper decline possibly reaching the $3.07 support area.

Jupiter (JUP): The JUP/USDT pair has lost 4.06% in the last 24 hours and is currently trading at $0.87. The resistance levels for JUP are $0.96 and then $1.07. The support levels are at $0.81, with a further decline potentially bringing it down to the $0.73 support area.

Trending Coins

In the last 24 hours, the trending coins in the crypto market include Ethervista (VISTA), Grass (GRASS), and MAGA (TRUMP). The top gainers are led by michi ($michi), Grass (GRASS), and Fwog (FWOG). On the list of the biggest losers in the market, you will find Popcat (POPCAT), ApeCoin (APE), and THORChain (RUNE).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, a notable liquidation level is found at $69,942, amounting to $19 million. On the lower side, the significant liquidation level is at $68,105, totaling $42 million.

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What is Thorchain?

Before answering the question, “What is Rune Coin?” it’s essential to understand Thorchain. So, what exactly is Thorchain?

THORChain is a platform that enables users to seamlessly swap cryptocurrencies across different blockchains, such as Bitcoin and Ethereum. This platform allows you to execute transactions quickly and securely, ensuring you retain full control over your assets when exchanging them across various blockchains.

Essentially, THORChain operates like a currency exchange bureau, but everything is entirely automated and decentralized. This means you don’t need any central authority or intermediary. You can trade any cryptocurrency for another at any time.

At the core of THORChain lies a cryptocurrency called RUNE. RUNE plays a crucial role in the functioning of the platform. For instance, when users want to perform transactions, they typically use RUNE to facilitate and secure these transactions.

The platform was financed through an initial decentralized offering (IDO) in 2019 and has since continued its development. THORChain’s goal is to provide more flexibility and accessibility in the crypto world, enabling everyone to easily utilize assets across different blockchains.

What is RUNE Coin?

RUNE Coin is the native token of the THORChain network and serves as a multi-purpose token that supports various functions within the network. It helps ensure the smooth operation of the THORChain network. RUNE is used in network governance, staking and bonding for validator nodes, and trading.

THORChain offers an innovative system that rewards users with RUNE when they add tokens to the liquidity pool. This allows token holders to earn fees collected from other users accessing the pool by staking their assets. Essentially, THORChain is a network of liquidity pools where users can easily swap different cryptocurrencies.

THORChain operates using the Tendermint protocol, which means the network is built on a consensus mechanism that provides Byzantine Fault Tolerance (BFT). The network uses a Proof of Stake (PoS) mechanism to ensure security and stability. As part of PoS, node operators stake RUNE to run the network and validate transactions. Token holders can delegate authority to these node operators (validators) and earn a portion of each block reward on the network.

To ensure the economic security of the network, node operators are required to bond RUNE. In liquidity pools, each asset is paired with RUNE to maximize liquidity and efficiency, capturing value for RUNE. This system ensures that RUNE plays a central role in the network and drives its value upward.

In conclusion, RUNE Coin is a critical asset that underpins the operation of the THORChain network, allowing users to securely and efficiently swap their assets across different blockchains.

What is the Thorchain Project?

THORChain is a platform that allows users to directly and securely swap their crypto assets across different blockchains like Bitcoin and Ethereum. The project was launched in 2018 to provide a solution for crypto users to transfer assets without relying on centralized exchanges.

Centralized exchanges allow users to trade crypto assets with one another, but they do not give users control over their assets and carry security risks. THORChain functions as a decentralized exchange (DEX), giving users full control over their assets and enabling them to trade directly with one another.

One of the biggest challenges DEXs face is providing sufficient liquidity. Without enough liquidity, users may not be able to execute their desired trades or may suffer from slippage, causing them to lose value in transactions. THORChain aims to solve this problem with a mechanism called Continuous Liquidity Pools (CLPs). CLPs allow users to access liquidity at all times without needing to find a buyer or seller. These pools enable users to provide liquidity by depositing their assets into the pool and earning a share of the transaction fees in return.

In summary, THORChain offers a solution for the secure and efficient exchange of crypto assets across different blockchains. With Continuous Liquidity Pools, users can swap assets at any time without liquidity issues, while maintaining control of their assets in a decentralized environment.

Who Founded Thorchain?

Thorchain was established in 2018 by an anonymous team of developers during a Binance Hackathon. The project involves around 20 self-organizing developers, with much of THORChain’s resources being created by its community.

The post What is RUNE Coin? Thorchain Project Review appeared first on Coin Engineer.

Bitcoin has some movement towards $70,000 levels before the weekly closing. If a closing occurs above these levels, a positive atmosphere may be captured for the new week. If Ethereum also closes above $4075, more enthusiastic rises can be observed in altcoins.

Bitcoin and Cryptocurrencies

Bitcoin (BTC): The BTC/USDT parity has gained 1.41% in value in the last 24 hours, trading at $69,438. Resistance levels for BTC are first $70,000, then $78,000. Support levels are $69,000 and if below this zone, $66.340.

Ethereum (ETH): The ETH/USDT parity has gained 0.90% in value in the last 24 hours, trading at $3941. The first resistance level for ETH is $4,063, then $4,870. Support levels are first $3,520, then $3,150.

Mina Protocol (MINA): The MINA/USDT pair has gained 9.44% in value in the last 24 hours, trading at $1.285. The first resistance level for MINA is $1.57, then $1.85. Support levels are first $1.32, then $1.22.

Ocean Protocol (OCEAN): The OCEAN/USDT pair has lost 2.96% in value in the last 24 hours, trading at $1.3250. The first resistance level for OCEAN is $1.44, then $1.92. Support levels are first $1.29, then $1.08.

ThorChain (RUNE): The RUNE/USDT pair has gained 5.56% in value in the last 24 hours, trading at $8.70. The first resistance level for RUNE is $8.80, then $10.80. Support levels are first $7.77, then $7.23.

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