#NorthKorea has finished laundering all of the $1.4 billion worth of crypto it stole from #Bybit into other tokens almost entirely through #ThorChain who made $5.5 million in fees on the laundering effort 
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wherein a crypto bro straight up rejoices that #NorthKorea is driving tons of liquidity (in the form of laundering billions of dollars of stolen #Bybit customer funds) through #ThorChain's app:
> "who really cares it's good for #ThorChain"
I’m calling it now, this is a serious contender for the greatest crypto tweet of all time.
https://x.com/ThorChainz/status/1894846901419118987
p.s. remember that #ThorChain's banking app imploded just a few weeks ago and took $100 million of its customers money with it.
great summary of the #ThorChain collapse debacle. these guys are always promising "decentralization" right until the moment a centralized authority has to step in and genocide the users' bank accounts so as to make sure the insiders stay rich.
> "Tonight, somewhere on-chain, $200M worth of user funds sit frozen while THORChain's team tries to innovate their way out of their own innovation. Ninety days might buy them time to restructure, but no amount of governance theater can erase the fundamental truth - they built a leverage trap with no escape hatch."
> "Their 'community-driven' solution reads like a negotiation with no real choice - frozen funds transformed into tokenized claims and promises of future repayment. THORChain's original promise of trustless finance ends with a forced trust exercise."
rektRekt - THORChain's Ice AgeDeFi / Crypto - When you build leveraged experiments on top of working products, reality strikes. THORChain now faces $200M in frozen funds, a native token in free fall, and 90 days to choose between controlled demolition or total collapse.
@GhostOnTheHalfShell the AI chatbots are weighing in on #ThorChain
Continued thread
2/ these kind of collapses do make for some incredible price charts... #THORSWAP / #USDT pair is particularly impressive right now. i guess the protocol sort of half crashed earlier and then zombied back to life only to do a final death spiral.
personally i'm kind of loving the idea of "crypto czar" #DavidSacks and the new leadership of the #SEC and #CFTC under #Trump having to explain to the world that this is a legitimate industry that deserves to be fully integrated with the banking system.
also i suspect this to be a #NorthKorea hack (or "highly profitably trading strategy")... just a hunch.
a major crypto bridge run and/or partially owned by some of the core #bitcoin dev team that helps people move their crypto assets between chains just blew up. hundreds of millions of dollars in liabilities it can't meet.
just another day in crypto...
(actually this is kind of a bad day, even for crypto)
https://x.com/1984_is_today/status/1882616341926162653
[update] the chain swapping still works, but they had bolted on some kind of crypto bank lending protocol and that is what is toast, along with all their users' money. they are "guaranteeing" that users will get their money back "eventually" (bros always do this)
