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THORChain Sees Record-Breaking Activity Following Bybit Hack
THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has experienced an unprecedented surge in activity following the Bybit hack.
Record-Breaking Activity
According to data source DefiLlama, THORChain processed a staggering $4.66 billion in swaps in the week ending March 2, the highest tally on record. The protocol exceeded the $1 billion mark on Sunday alone.
Bybit Hack and Its Impact on THORChain
The surge in activity follows the hack of the crypto exchange Bybit on February 22, which saw a North Korean malicious entity walk away with $1.4 billion in ether. Observers believe the entity utilized THORChain to swap and launder funds, resulting in a record activity on the platform.
“Starting from the initial Bybit Exploiter wallet, funds were sent across a further stretching net of wallets. With each ‘hop’ further from the main wallet, there was an increasing amount of intermediary wallets and the value transfers became smaller and smaller,” blockchain analytics firm Nansen said in a report shared with CoinDesk.
“From hop 2, the hacker started interacting with third-party entities to start swapping and laundering the funds. Entities with the most inflow volume from the hack include THORChain, Paraswap, Mantle, OK DEX, and DODO,” Nansen added.
Laundering Funds
CoinDesk reached out to THORChain for a comment on the matter.
Per onchain analyst EmberCN, hackers have laundered the entire ETH balance in ten days, generating record revenue for THORChain.
“Hackers have laundered all 499,000 ETH ($1.39 billion) stolen from Bybit, a process that took 10 days. The ETH price has fallen by 23% in the process (from $2,780 to $2,130 today). THORChain, the main channel used by hackers to launder money, also earned $5.9 billion in transaction volume and $5.5 million in handling fees due to hackers’ money laundering,” EmberCN said on X.
Conclusion
THORChain’s record-breaking activity following the Bybit hack highlights the protocol’s ability to facilitate the exchange of cryptocurrencies across various blockchains. As the crypto market continues to evolve, THORChain’s role in enabling the seamless transfer of digital assets will remain crucial.
FAQs
Q: What is THORChain?
A: THORChain is a decentralized protocol that enables users to swap cryptocurrencies across various blockchains.
Q: What is the significance of the Bybit hack?
A: The Bybit hack saw a North Korean malicious entity walk away with $1.4 billion in ether, highlighting the need for robust security measures in the crypto space.
Q: How did the hackers use THORChain?
A: The hackers utilized THORChain to swap and launder funds, resulting in a record activity on the platform.
Q: What is the current state of the ETH price?
A: As of the time of writing, the ETH price has fallen by 23% (from $2,780 to $2,130).
