Ethereum News: Thorchain Faces Internal Conflict Over Handling Illicit Funds Linked to North Korean Hackers

Recent developments in the cryptocurrency world have brought Thorchain, a decentralized exchange protocol, into the spotlight due to internal disagreements over handling illicit funds. Reports confirm that North Korea’s Lazarus Group has been using the protocol to launder Ethereum stolen in the Bybit hack, leading to the resignation of a core developer.

Internal Conflict at Thorchain Over Illicit Funds; North Korean Hackers Leverage Network

Thorchain, the interoperability-focused decentralized exchange protocol, is facing internal disagreements over how to handle illicit funds flowing through the network. The issue gained urgency after reports confirmed that North Korea’s Lazarus Group has been using the protocol to launder Ethereum (ETH) stolen in the recent Bybit hack. Pluto, a core THORChain developer, resigned on February 27th due to frustration over the network’s inability to block sanctioned transactions. Another developer, TCB, has also indicated he may step away unless immediate action is taken. A temporary vote to halt ETH trading was quickly reversed.

Ethereum Price Forecast: ETH Sellers Increase, Price at Risk of Dropping to $1,500

Ethereum (ETH) price is under pressure as long-term holders and whales join small-scale retailers in selling activity. Over the past week, Ethereum exchange reserves have risen by over 500K ETH. Whales have distributed over 620K ETH in the past five days. The selling pressure has pushed ETH down 2% on Friday, and the price is struggling NEAR the $2,200 support level. Bears could push prices further down to $1,500.

Ethereum Retraces to Critical Monthly Demand Level

Ethereum has experienced a massive drop, losing over 27% of its value in less than five days amidst extreme market fear and uncertainty. Despite the bearish sentiment, there is a chance for recovery as ETH tests a crucial demand level. If bulls manage to hold this area, a strong rebound could occur, shifting momentum back to buyers. Top analyst BigCheds noted that ETH is reapproaching a critical monthly demand level, which could define Ethereum’s next major move.

Vitalik Buterin Calls for Wallet Solutions to Address Crypto Loss

As discussions around crypto fraud intensify following the recent $1.5 billion Bybit hack, Ethereum co-founder Vitalik Buterin is urging the industry to recognize another major risk. According to him, while much attention is given to preventing theft, not enough is done to protect people from accidental loss due to user errors. In a February 28 post, Buterin outlined several ways individuals lose large amounts of crypto, including software bugs, forgotten passwords, lost devices, accidental deletions, and failure to back up data when upgrading hardware. The 31-year-old explained that victims of such losses are often hesitant to speak out because there is no identifiable perpetrator to hold accountable. He emphasized the need for wallet security solutions.