THORChain Records $4.66 Billion in Swaps Following Bybit Hack
THORChain has experienced record activity following the Bybit hack, processing $4.66 billion in swaps for the week ending March 2. This amount is the highest ever recorded, with over $1 billion processed on a single day.
The surge in transactions is linked to a hack on Bybit on February 22, where a North Korean entity stole $1.4 billion in ether and used THORChain to swap and launder funds. Key points include:
- Nansen reported that after the initial theft, funds were transferred through multiple wallets, diminishing in value with each transaction.
- THORChain was among several platforms used for laundering, alongside Paraswap, Mantle, OK DEX, and DODO.
- Onchain analyst EmberCN stated hackers fully laundered the stolen ETH within ten days, generating significant revenue for THORChain.
- THORChain earned $5.9 billion in transaction volume and $5.5 million in fees from these activities.
The price of ether decreased by 23% during this period, falling from $2,780 to $2,130. CoinDesk has reached out to THORChain for further comments.