Keynote
Bybit’s $140 million hack has sparked a record $4.6 billion trading volume in the tall chain, raising questions about the platform’s role in the fund’s move. Torchin reportedly generated $5.5 million in trading fees from a surge in activities linked to laundry on Bybit’s stolen funds. Feel free to do it.
The recent hacks of Cryptocurrency Exchange Bybit have led to a massive surge in trading activities at Thorchain, a decentralized cross-chain liquidity protocol. Defillama data shows that between February 24th and March 2nd, Thorchain processed more than $4.6 billion in trading volumes, hitting record highs as traders scrambled to move and secure assets.
On February 26th, Thorchain recorded its highest daily trading volume, processing a $85961 million swap. The next day, the platform processed an additional $210 million, bringing its two-day volume to over $1 billion.
Hackers used Torcane to wash stolen funds?
The spike in Thorchain’s activities coincided with Bybit Hack, which industry analysts believe were coordinated by North Korean Lazarus group. The infamous hacking syndicate is said to have used Torcaine and other decentralized platforms to wash stolen funds.
Bibit CEO Ben Zhou has confirmed that the attacker has already washed a significant portion of his booty. Unlike other hackers who sit stolen funds in dormant wallets, Lazarus wasted no time dispersing the $1.4 billion stolen from the exchange.
According to Zhou, $280 million of stolen funds have been washed and are no longer able to be tracked, but $1.07 billion is traceable, allowing investigators to continue their efforts to recover their assets.
Blockchain data reveals that hackers have converted 417,348 ETH
ETH
$1 974
24-hour volatility:
3.2%
Market Cap:
$238.21 b
Vol. 24H:
$14.54 b
(approximately $1 billion) Bitcoin
BTC
$84 105
24-hour volatility:
2.0%
Market Cap:
$1.67 t
Vol. 24H:
$30.91 b
It is distributed across 6,954 crypto wallets, each holding an average of 1.71 BTC. This fragmentation significantly complicates tracing and recovery efforts.
So far, industry collaborations have led to a $42 million freeze, about 3% of the stolen funds.
Thorchain denies Bybit’s request to freeze funds
Blockchain analytics firm Embercn reported that hackers completed the laundry process within 10 days and used Thorchain as a major tool to move funds. The company estimated that Thorchain processed up to $5.9 billion with transaction volumes higher than Defilama reported.
Additionally, the company said the cross-chain platform generated around $5.5 million in transaction fees.
Following the hack, Bybit CEO Ben Zhou reached out to Thorchain’s team and asked for help in freezing stolen funds in case the hackers try to do laundry through the platform.
However, Thorchain rejected the request and effectively gave the attacker a free rein to move illegal interests.
The decision sparked debate on decentralization and security within the Crypto community. Platforms like Thorchain operate without centralized control, making assets almost impossible to freeze. This ensures resistance to censorship, but also raises concerns about its use in illegal financial activities.
Next
Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Chimamanda is a crypto lover and an experienced writer focusing on the dynamic world of cryptocurrency. She joined the industry in 2019 and has since become interested in emerging economies. She combines her passion for blockchain technology with a love for travel and food, bringing a fresh and engaging perspective to her work.
x
Julia Sakovic of x
