Crosschain Swap Protocol THORChain Sees Spike in Activity After Bybit Hack

THORChain, a decentralized crosschain swap protocol, has witnessed a surge in transaction volume following the $1.4 billion exploit of cryptocurrency exchange Bybit.

On February 26, the protocol processed a record-breaking $859.61 million in swaps, according to data from THORChain Explorer.

The momentum continued on February 27, adding another $210 million, pushing total swap volume past $1 billion in under 48 hours.

Concerns Over Laundering Tactics

The North Korean state-sponsored hacking group Lazarus has been known to convert stolen cryptocurrencies into Bitcoin to obscure their origins.

Blockchain analysts have previously identified a pattern of Lazarus-linked funds flowing through decentralized platforms to avoid detection.

The surge in THORChain's usage comes at a time when the protocol is already under scrutiny.

In January, it paused Bitcoin and Ethereum lending after accumulating $200 million in liabilities, leading to a debt restructuring plan.

However, its swapping functionality has remained operational, drawing concerns over its role in facilitating illicit fund movements.

this horrific cult actually needs to be permanently exiled from this industry.

this is the same "decentralized" protocol that rugged legitimate users and still—to this day—has their funds frozen af.

this is more disgusting than even the memecoins. Market News and Data brought to you by Benzinga APIs

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