THORChain token is flashing a bearish signal, forming a bearish flag pattern that suggests further downside even as swap volume surges. THORChain ( RUNE ) was trading at $1.3050 on Friday, down 82% from its November peak. It is hovering near its lowest level since November 2023 and remains 90% below its all-time high. RUNE has plunged despite third-party data showing that the network recently recorded one of its best weeks ever. Swap volume on the platform surged 640% over the past seven days to $3.3 billion, making it the sixth-largest player in the decentralized exchange industry. Additional data from TokenTerminal shows that weekly active addresses nearly quintupled to 5,000, up from this month’s low of 1,000. However, this surge in activity has been linked to the recent Bybit hack . According to Arkham, Lazarus Group transferred over $240 million worth of Ethereum through the network. The group laundered the stolen Ethereum ( ETH ) by converting it to Bitcoin ( BTC ). ALERT: LAZARUS LAUNDERING THROUGH THORCHAIN – MINIMUM $240M SO FAR Over $240M of ETH has been sent through Thorchain by Lazarus-tagged wallets on Arkham. These funds have mainly been swapped for native BTC. pic.twitter.com/C1EYtj6aFw — Arkham (@arkham) February 27, 2025 The spike in volume comes as THORChain grapples with major challenges. In January, the company paused Ethereum and Bitcoin lending after its liabilities exceeded $200 million. On Friday, Pluto, a core developer in the network, announced his resignation after a vote to block North Korean hacker-linked transactions failed. These transactions could trigger an investigation by U.S. authorities, including the Federal Bureau of Investigation. Earlier this week, the FBI confirmed that Lazarus Group was behind the Bybit hack. You might also like: Bybit hacker launders $250M in ETH—Still holds more than Vitalik RUNE price at risk of a big breakdown THORChain price chart | Source: crypto.news The weekly chart shows that THORChain’s price has been in a steep downtrend since peaking at $7.50 in December. The decline followed the formation of a head and shoulders pattern, a well-known bearish reversal indicator. RUNE has fallen below the 50-week and 25-week Exponential Moving Averages, as well as the key support level at $2.5560, its lowest swing from September 2023. Now, RUNE is forming a bearish flag pattern, a typical bearish continuation signal. A further breakdown could be confirmed if the price drops below the critical support level at $0.7790, its lowest point in 2023. You might also like: Bybit hacker launders more than 50% of the $1.4B stolen Ethereum in less than a week
