Here’s How RUNE Emerged as Kim Jong Un’s Preferred Cryptocurrency
THORChain (RUNE), once recognized as a revolutionary solution for trustless crypto exchanges, has emerged as the digital currency of choice for Kim Jong Un. Not quite the legacy envisioned by its creators, right?
Allegations link the protocol to North Korea’s laundering of illicitly obtained funds, transforming its decentralized philosophy into an ethical dilemma. The repercussions have sparked intense discussions about the fine line between innovation and exploitation in blockchain.
Kim Jong Un’s Cryptocurrency Strategy: The Bybit Breach and THORChain’s (RUNE) Involvement
The issues commenced with the monumental $1.4 billion breach of crypto exchange Bybit in February 2025, the largest theft in the cryptocurrency arena.
North Korea’s Lazarus Group, known for their digital thievery, breached Bybit’s Ethereum wallets in an audacious act that reaped significant rewards. The haul, approximately $1.2 billion, funneled through THORChain, a decentralized service that focuses on cross-chain exchanges of key cryptocurrencies such as Bitcoin and Ethereum.
Thorchain’s inaction to block the movement of stolen ETH through their network will not end positively.
Funny how a single individual can halt ThorFi in 2 minutes, yet stopping North Korea from laundering billions of dollars of ETH through Thorchain is a different story… pic.twitter.com/bIFYluIHKd
— Ed | AirdropGlideApp (@AirdropGlideapp) February 27, 2025
Distributed ledger protection authority Taylor Monahan encapsulated the appeal for dubious entities: “THORChain enables seamless transitions from ETH to Bitcoin without leaving any trace. Prior to this, such swaps required banks to freeze all associated funds.”
Decentralized, unregulated, and uncontrollable, THORChain has emerged as the preferred tool for laundering activities on the blockchain.
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Ethical Dilemmas for RUNE Crypto and Community Response
The disclosures have prompted urgent ethical concerns regarding decentralized platforms. Unlike other crypto services that suspended transactions associated with the Bybit breach (such as Tether and Mantle), THORChain administrators chose not to act despite pleas from organizations like the FBI.
THORChain’s validators briefly halted Ethereum swaps in light of the FBI’s warning but resumed operations within 30 minutes amid backlash from the community. JP Thor (John-Paul Thorbjornsen), the project’s founder, asserted that the protocol ought to maintain neutrality, declaring, “The platform continues running and swapping despite the uproar. It’s actually thriving.”
Many within the crypto community disagree.
“When the vast majority of your transactions involve stolen assets from North Korea linked to the largest money heist in history, it transcends into a matter of national safety,” cautioned a THORChain developer referred to as “TCB” in a post on X.
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Is THORChain Truly Decentralized?
THORChain claims to be a decentralized ideal, founded on validator authority and its RUNE-staked ecosystem. However, one developer shutting the network down in January shattered that perception for numerous individuals, reviving accusations of “decentralization theater.”
The implications extend beyond credibility. Platforms like Tornado Cash and Bitzlato have already encountered sanctions and crackdowns for facilitating illicit finance. THORChain could be next. A former Treasury official bluntly stated: “If you’re benefitting from funds stolen by the Lazarus Group, you have a problem with OFAC.”
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Key Takeaways
- THORChain (RUNE), once recognized as a revolutionary solution for trustless crypto exchanges, has emerged as the cryptocurrency of choice for Kim Jong Un.
- The issues commenced with the monumental $1.4 billion breach of crypto exchange Bybit in February 2025, the largest theft in the digital currency arena.
- Platforms like Tornado Cash and Bitzlato have already encountered sanctions and crackdowns for facilitating illicit finance.
The post Here’s How RUNE Became Kim Jong Un’s Favorite Crypto appeared first on 99Bitcoins.
