THORChain generated greater than $5 million in whole income after the protocol’s asset swap volume hit document highs, pushed by the exploiter behind the $1.4 billion Bybit hack.
Centralized crypto trade Bybit was hacked for over $1.4 billion value of crypto on Feb. 21 in the largest hack in crypto history.
The North Korean state-affiliated Lazarus Group, recognized as the primary suspect by blockchain safety companies, continued laundering the stolen funds, utilizing crosschain asset swap protocol THORChain for a big a part of the transfers.
For the reason that exploit, THORChain has processed greater than $5.4 billion in whole swap volume, producing about $5.5 million in income, according to knowledge from the THORChain explorer.
Whole swap volume. Supply: THORChain explorer
THORChain’s swap volume exceeded $1 billion in a single day following the Bybit hack, according to a Feb. 27 report from Cointelegraph. The protocol generated over $554,000 in whole revenue that day.
Amid the income milestone, THORChain stays below scrutiny for its function in facilitating the motion of illicit funds. On Feb. 28, a THORChain developer quit the protocol after a vote to dam North Korean hacker-linked illicit funds was reverted.
“Successfully instantly, I’ll now not be contributing to THORChain,” the crosschain swap protocol’s core developer, solely often known as “Pluto,” wrote in a Feb. 27 X submit.
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THORChain criticized for permitting stolen funds to move
“THORChain simply helped North Korea launder $605 million. No KYC, no off change, no resistance. Lazarus Group jacked Bybit for $1.5 billion in February 2025, then funneled the stolen ETH by way of THORChain prefer it was constructed for them,” crypto commentator Yogi wrote in a March 4 X post.
Supply: Yogi
“Different protocols have blocked soiled wallets with out killing decentralization. THORChain had choices—Elliptic, transaction monitoring—however ignored them,” he added.
Associated: Bybit hacker launders $605M ETH, over 50% of stolen funds
On Feb. 26, blockchain analytics agency Elliptic flagged 11,084 cryptocurrency wallet addresses suspected of being linked to the Bybit exploit. That listing is anticipated to develop as investigations proceed.
On March 4, Bybit CEO Ben Zhou confirmed that $280 million of the stolen funds had gone darkish, that means that it had been laundered and was now not traceable.
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Cointelegraph by Zoltan Vardai THORChain generates $5M in charges, $5.4B in volume since Bybit hack cointelegraph.com 2025-03-04 11:19:37
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