THORChain generated more than $5 million in revenue following a surge in swap volumes triggered by the Bybit hack.
Details of the Bybit Hack
On February 21, centralized crypto exchange Bybit was hacked, and over $1.4 billion worth of crypto was stolen, marking the largest hack in crypto history. The North Korean Lazarus Group is suspected of the attack, continuing to launder the stolen funds through the THORChain crosschain swap protocol.
THORChain's Response to Volume Surge
Since the exploit, THORChain processed over $5.4 billion in swap volume, generating approximately $5.5 million in revenue. According to data from the THORChain explorer, the swap volume exceeded $1 billion in a single day following the Bybit hack. Despite reaching this financial milestone, the protocol has attracted scrutiny for its role in facilitating the movement of illegal funds.
Criticism and Developer Departure
THORChain faces criticism for easing the flow of stolen funds. A commentator remarked that other protocols block suspicious wallets while maintaining decentralization. The departure of the developer known as Pluto followed the reversal of a vote to block funds linked to North Korean hackers.
THORChain continues to address regulatory concerns with respect to laundering illicit funds via crypto protocols, as allegations of its involvement prompt ongoing public debate.
