The recent hack of Bybit funds, totaling $1.4 billion in ETH, has shaken the crypto community, highlighting vulnerabilities in the protection of decentralized financial platforms. THORChain's significant role in laundering these funds draws major scrutiny.
Bybit Hack Funds Laundered Through THORChain and ExCH
According to blockchain data, hackers successfully laundered 499,000 ETH stolen from Bybit. THORChain processed 72% of these funds, with ExCH and other platforms also implicated. This raises questions about the role of decentralized platforms in preventing such operations.
Accusations Against THORChain
THORChain, which earned $5.5 million in fees, faces pressure for refusing to intervene in laundering processes. Developers claim the fully decentralized nature of the system prevents blacklisting addresses, which sparks criticism.
Market Impact and Future Outlook
The sharp drop in ETH prices by 13% during Bybit fund laundering highlights market risks amid such events. Unclear moves by exchanges and authorities make it challenging to prevent further laundering of stolen funds.
The Bybit case raises the crucial issue of the future of decentralized finance in cybersecurity context. Is THORChain right in refusing to blacklist addresses, or is this a threat to trust in decentralized systems?
