THORChain Achieves $1 Billion Trading Volume Following Bybit Hack
Following a significant security breach at Bybit, users are transitioning to decentralized platforms for asset protection. THORChain has seen a surge in activity, processing $859.61 million in swaps on February 26 and an additional $210 million the next day, totaling over $1 billion in two days after Bybit's $1.5 billion hack on February 21.
Criticism of THORChain
THORChain faces allegations of facilitating money laundering activities, with links to the North Korean hacking group Lazarus, which reportedly uses it to convert stolen assets into Bitcoin #BTC.
The development team is implementing measures to enhance security and compliance, including partnerships for illicit activity screening.
Security Measures and Financial Stability
In January, THORChain paused its Bitcoin and Ethereum lending services due to approximately $200 million in liabilities as part of a debt restructuring plan. Swap functionalities continue to operate, allowing users to trade across blockchains.
Ongoing Laundering Activities
Hackers from the Bybit incident have moved large amounts of stolen funds through decentralized platforms, including THORChain. Recent reports indicate that 45,900 Ether #ETH, valued at around $113 million, was transferred within 24 hours, contributing to over 135,000 ETH laundered, worth about $335 million.
The FBI is actively seeking assistance from the crypto industry to track transactions related to the Bybit hack, urging vigilance against suspicious activities.