THORChain Sees Record Trading volume Amid Bybit Hack
THORChain (RUNE), a platform for swapping cryptocurrencies across different blockchains, experienced a massive spike in activity. The reason? Hackers laundered stolen funds through the platform. According to on-chain analyst Yu Jin, the hackers, believed to be the North Korean Lazarus group, used THORChain to convert Ethereum (ETH) into bitcoin (BTC). This activity generated a trading volume of nearly $3 billion and earned THORChain $3 million in fees.
Before the hacking incident, THORChainās daily transaction volume averaged around $80 million. However, from February 22, this figure skyrocketed to an average of $580 million per day. On February 26, the platform processed a record $859.61 million in swaps. The next day, it added another $210 million, bringing the total to over $1 billion within just 48 hours.
Swapping stolen funds for Bitcoin is a common tactic used by the Lazarus group to hide the trail of their ill-gotten digital assets.Pluto, a core developer of THORChain, confirmed that illicit funds had passed through the protocol.He stated that the team is working with partners to implement screening services to tackle this issue.
THORChainās sudden surge in activity highlights the challenges faced by decentralized finance platforms in preventing illicit activities. While the protocol benefited financially, it also exposed vulnerabilities that need addressing.
