Thorchain, a decentralized protocol that allows users to exchange cryptocurrencies across different blockchains, has seen what can be described as an unwanted wind fall after Bybit hack.
The protocol processed $ 4.66 billion in swaps in the week ending March 2, the highest number on record, according to Data Source Defillama. Tally exceeded the $ 1 billion on Sunday alone.
The wave in the activity follows the hack of Crypto Exchange Bybit on February 22, when the North Korean malicious unit went away by $ 1.4 billion in ether. Per observers used the unit Thorchain to exchange and laundering, resulting in a record activity on the platform.
“From the initial Bybit utilization audience, funds were sent over an additional stretch network after wallets. With each ‘hop’ further from the main production, there was an increasing amount of intermediate assessment and the value adjustment was getting smaller and smaller,” the Blockchain analysis company Nansen said in a report shared with Coindesk.
“From Hop 2, the hacker began interacting with third -party units to start swapping and laundering the funds. Devices with the most intersection volume from the hack include Thorchain, Paraswap, Mantle, OK Dex and Dodo,” Nansen added.
Coindesk reached out to Thorchain for a comment on the case.
Per. Onchain analyst Embercn, hackers have laundered the entire ETH balance of ten days and generated record revenue for thorchain.
“Hackers have laundered all 499,000 ETH ($ 1.39 billion) stolen from Bybit, a process that took 10 days. ETH price has fallen by 23% in the process (from $ 2,780 to $ 2,130 today). Thorchain, the main channel used by hackers to launch money, also earned $ 5,9 million In handling Feater because of hackers ‘money,’ earned ‘,’ ‘earned,’ “money,” earned “money,” “money,” earned “,” “money” Embercn said on X.
