{"id":16004,"date":"2025-03-04T05:47:15","date_gmt":"2025-03-04T05:47:15","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=16004"},"modified":"2025-03-04T05:47:15","modified_gmt":"2025-03-04T05:47:15","slug":"thorchain-sees-record-4-6b-volume-after-bybits-1-4b-hack","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=16004","title":{"rendered":"THORChain Sees Record $4.6B Volume After Bybit&#8217;s $1.4B Hack"},"content":{"rendered":"<div>\n<p>THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has seen what can be described as an unwanted windfall after the <a href=\"https:\/\/www.coindesk.com\/daybook-us\/2025\/02\/24\/crypto-daybook-americas-bybit-hack-fails-to-ruffle-feathers-traders-eye-sol-etf\" target=\"_blank\">Bybit hack<\/a>.<\/p>\n<p>The protocol processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to data source <a href=\"https:\/\/defillama.com\/chain\/Thorchain?volume=true&amp;tvl=false&amp;groupBy=weekly&amp;currency=USD\" target=\"_blank\">DefiLlama<\/a>. The tally exceeded the $1 billion mark on Sunday alone.<\/p>\n<p>The surge in activity follows the hack of the crypto exchange Bybit on Feb. 22, which saw the North Korean malicious entity walk away with $1.4 billion in ether. Per observers, the entity used THORChain to swap and launder funds, resulting in a record activity on the platform.<\/p>\n<p>&#8220;Starting from the initial Bybit Exploiter wallet, funds were sent across a further stretching net of wallets. With each &#8216;hop&#8217; further from the main wallet, there was an increasing amount of intermediary wallets and the value transfers became smaller and smaller,&#8221; blockchain analytics firm Nansen said in a report shared with CoinDesk.<\/p>\n<p>&#8220;From hop 2, the hacker started interacting with third-party entities to start swapping and laundering the funds. Entities with the most inflow volume from the hack include THORChain, Paraswap, Mantle, OK DEX and DODO,&#8221; Nansen added.<\/p>\n<p>CoinDesk reached out to THORChain for a comment on the matter.<\/p>\n<p>Per onchain analyst EmberCN, hackers have laundered the entire ETH balance in ten days, generating record revenue for THORChain.<\/p>\n<p>&#8220;Hackers have laundered all 499,000 ETH ($1.39 billion) stolen from Bybit, a process that took 10 days. The ETH price has fallen by 23% in the process (from $2,780 to $2,130 today). THORChain, the main channel used by hackers to launder money, also earned $5.9 billion in transaction volume and $5.5 million in handling fees due to hackers&#8217; money laundering,&#8221; <a href=\"https:\/\/x.com\/EmberCN\/status\/1896728373340303440\" target=\"_blank\">EmberCN said<\/a> on X.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>THORChain, a decentralized protocol enabling users to swap cryptocurrencies across various blockchains, has seen what can be described as an unwanted windfall after the Bybit hack. The protocol processed $4.66 billion in swaps in the week ended March 2, the highest tally on record, according to data source DefiLlama. The tally exceeded the $1 billion [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-16004","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16004"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/16004\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}