THORChain generates $5M in fees, $5.4B in volume since Bybit hack

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THORChain generated implicit $5 cardinal successful gross arsenic Bybit’s $1.4 cardinal hacker utilized the protocol for moving funds, sparking contention implicit its relation successful illicit crypto transfers.

THORChain generates $5M successful fees, $5.4B successful measurement since Bybit hack

THORChain generated much than $5 cardinal successful full gross aft the protocol’s plus swap measurement deed caller grounds highs, driven by the exploiter down the $1.4 cardinal Bybit hack.

Centralized crypto speech Bybit was hacked for implicit $1.4 billion worthy of crypto connected Feb. 21 successful the largest hack successful crypto history.

The North Korean state-affiliated Lazarus Group, identified arsenic the main fishy by blockchain information firms, continued laundering the stolen funds, utilizing crosschain plus swap protocol THORChain for a important portion of these transfers.

Since the exploit, THORChain has processed much than $5.4 cardinal successful full swap volume, generating astir $5.5 cardinal successful revenue, according to information from the THORChain explorer.

THORChain’s swap measurement exceeded $1 cardinal successful a azygous time pursuing the Bybit hack, according to a Feb. 27 study from Cointelegraph. The protocol generated implicit $554,000 successful full income that time alone.

Despite the gross milestone, THORChain remains nether scrutiny for its relation successful facilitating the question of illicit funds. On Feb. 28, a THORChain developer quit the protocol aft a ballot to artifact North Korean hacker-linked illicit funds was reverted.

“Effectively immediately, I volition nary longer beryllium contributing to THORChain,” the crosschain swap protocol’s halfway developer, lone known arsenic “Pluto,” wrote successful a Feb. 27 X post.

THORChain criticized for allowing stolen funds to flow

“THORChain conscionable helped North Korea launder $605 million. No KYC, nary disconnected switch, nary resistance. Lazarus Group jacked Bybit for $1.5 cardinal successful February 2025, past funneled the stolen ETH done THORChain similar it was built for them,” fashionable crypto commentator Yogi wrote successful a March 4 X post.

“Other protocols person blocked soiled wallets without sidesplitting decentralization. THORChain had options—Elliptic, transaction monitoring—but ignored them,” helium added.

On Feb. 26, blockchain analytics steadfast Elliptic flagged 11,084 cryptocurrency wallet addresses suspected of being linked to the Bybit exploit. That database is expected to turn arsenic investigations continue.

On March 4, Bybit CEO Ben Zhou confirmed that $280 cardinal of the stolen funds had gone dark, meaning that it has been laundered and is nary longer traceable.