THORChain Swap Volume Surpasses $4.6 Billion Following Bybit Hack

The multi-chain protocol THORChain processed a record $4.66 billion in swaps over the past week, according to DeFi Llama. On March 2, the figure exceeded the $1 billion mark.

The surge in activity followed the hack of the Bybit exchange. Analysts report that the perpetrators used THORChain to exchange and launder funds.

“Starting with the Bybit Exploiter, funds were sent through an expanding network of wallets. With each ‘hop’ further from the main address, the number of intermediaries increased, and the transfers became smaller and smaller,” states a report by Nansen, provided to CoinDesk.

Experts indicate that in the second phase, the perpetrators began using third-party platforms, including THORChain, Paraswap, Mantle, and DODO.

Hackers completed the laundering of funds (499,000 ETH or $1.39 billion) in ten days, according to analysts at EmberCN.

黑客已经把从 Bybit 盗取的 49.9 万枚 ETH ($13.9 亿) 全部清洗完了，整个过程历时 10 天。

ETH 价格在这个过程中下跌了 23% (从 $2,780 跌到现在的 $2,130)。

而黑客洗钱使用的主要通道 THORChain 也因黑客洗钱获得了 $59 亿的交易量跟 $550 万的手续费收入。

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— 余烬 (@EmberCN) March 4, 2025

Total activity on THORChain amounted to 5.9 billion transactions. This brought the network $5.5 million in fee revenue, experts calculated. During the process, the price of ETH fell by 23%, from $2780 to $2130.

Back in February, the main developer of the THORChain protocol, known as Pluto, announced that he would leave the project following the cancellation of a vote regarding the blocking of hacker transactions.

Earlier, the FBI confirmed the involvement of the North Korean group TraderTraitor (also known as Lazarus Group, APT38, BlueNoroff, and Stardust Chollima) in the Bybit hack.