Unwanted Windfall? THORChain Sees Record $4.6B Volume After Bybit's $1.4B Hack
Powered by @unfolded- THORChain experienced a record surge in activity, processing $4.66 billion in swaps in the week ending March 2, following the Bybit hack where $1.4 billion in ether was stolen.
- The hack prompted the use of THORChain for laundering funds, with blockchain analytics firm Nansen noting that the hacker utilized multiple wallets to obscure the transaction trail.
- Onchain analyst EmberCN reported that the hackers fully laundered the stolen 499,000 ETH within ten days, generating significant transaction volume and fees for THORChain.
- The price of ETH dropped by 23% during the laundering process, reflecting the market's reaction to the hack and subsequent activities.