THORChain, a decentralized protocol for swapping cryptocurrencies, has experienced a surge in activity following the hack of the crypto exchange Bybit. The hack resulted in the theft of $1.4 billion in ether, which the hackers then used THORChain to swap and launder. This has led to record-breaking transaction volumes for THORChain, with $4.66 billion in swaps processed in the week ending March 2. Blockchain analytics firm Nansen reported that the hackers used several third-party entities, including THORChain, for swapping and laundering the stolen funds. Onchain analyst EmberCN revealed that the hackers have successfully laundered the entire amount of stolen ether in just ten days, generating significant revenue for THORChain.



Other News from Today