Bybit Hack Triggers Record $4.6 Billion Trading Volume on THORChain
The recent hack of cryptocurrency exchange Bybit has led to a significant increase in trading on THORChain, a decentralized liquidity protocol. Key data includes:
- THORChain processed over $4.6 billion in trading volume from February 24 to March 2.
- On February 26, it recorded its highest daily volume at $859.61 million, followed by $210 million the next day, totaling over $1 billion within two days.
Analysts suggest that the hackers, linked to North Korea's Lazarus Group, utilized THORChain to launder stolen funds. Bybit CEO Ben Zhou confirmed that:
- $280 million of the stolen $1.4 billion is untraceable.
- $1.07 billion remains traceable for recovery efforts.
- Hackers converted 417,348 ETH (approximately $1 billion) into Bitcoin and spread it across 6,954 wallets.
- Only $42 million has been frozen through industry collaborations.
THORChain denied Bybit’s request to freeze potential laundering activities related to the hack. This decision has ignited discussions about the balance between decentralization and security in cryptocurrency platforms.