THORChain Experiences Record Activity Following Bybit Hack

According to CoinDesk, THORChain, a decentralized protocol facilitating cryptocurrency swaps across multiple blockchains, has witnessed unprecedented activity following the Bybit hack. The protocol processed an impressive $4.66 billion in swaps for the week ending March 2, marking the highest volume recorded to date, as reported by DefiLlama. Notably, the platform surpassed the $1 billion mark in transactions on a single day, Sunday. The surge in THORChain's activity is linked to the February 22 hack of the crypto exchange Bybit, where a North Korean malicious entity absconded with $1.4 billion in ether. Observers indicate that the entity utilized THORChain to swap and launder the stolen funds, leading to the record-breaking activity on the platform. Blockchain analytics firm Nansen detailed in a report that the funds were dispersed through a complex network of wallets, with each transfer involving smaller amounts as they moved further from the main wallet. From the second transfer onward, the hacker began engaging with third-party entities to facilitate the laundering process. Among the entities receiving significant inflow volumes from the hack were THORChain, Paraswap, Mantle, OK DEX, and DODO. CoinDesk has reached out to THORChain for comments regarding the situation. Onchain analyst EmberCN noted that the hackers managed to launder the entire balance of 499,000 ETH, equivalent to $1.39 billion, within ten days, generating substantial revenue for THORChain. EmberCN highlighted that the ETH price dropped by 23% during this period, from $2,780 to $2,130. THORChain, identified as the primary channel for the laundering activities, recorded $5.9 billion in transaction volume and accrued $5.5 million in handling fees as a result of the hackers' operations.