RU RUNE THORChain Loading... : Investor Sentiment and Bull/Bear Views

Jason notes that the FBI publicly named THORChain for the first time in connection with the hack. After that, he says, the protocol looks like a ticking time bomb, and it could become a quick enforcement target, especially if the regulatory regime changes in two years.

Taylor calls THORChain a janky protocol. She says it double-spent during the Binance hack laundering because of a one-block Ethereum reorg, and that small one- and two-block reorgs happen all the time. The network had to shut down and push a private update. In her view the bigger risk is legal. The FBI, IRS-CI and Secret Service formally attributed the hack to North Korea's TraderTraitor group, published the addresses and named Thor node operators first in their request to block the stolen funds. The operators publicly acknowledged the request, restarted the network anyway and processed about $200M of volume for DPRK in roughly two days. Because sanctions liability depends on what you knew, she sees serious OFAC and DOJ criminal exposure for the builders. She compares it to Tornado Cash and Roman Storm, and says 'what's coming in the pipeline' is still ahead. She does not disclose any position.

Says the RUNE thesis is correct: Thorchain is the single chain pumping alongside XMR, and the anticipated-hack hedge is working. Earlier said he was punting more RUNE to hedge hacks on other accounts, yet now says the outcome is not worth it.