THORChain Processes Unprecedented $4.6B in Volume Amid Bybit Security Breach

THORChain Sees Record $4.6B Volume as Bybit Hackers Move Stolen Funds

THORChain, a decentralized exchange facilitating cross-chain crypto swaps, has experienced a surge in trading volume, reportedly fueled by hackers laundering funds stolen in the Bybit breach.

According to DefiLlama, THORChain processed $4.66 billion in swaps in the week ending March 2, marking its highest recorded volume. Over $1 billion of this activity occurred on Sunday alone.

The spike in transactions comes in the wake of the February 22 Bybit hack, where attackers—believed to be linked to North Korea—stole $1.4 billion worth of ether (ETH). Analysts suggest that a portion of these funds were funneled through THORChain to obscure their origins.

Blockchain analytics firm Nansen reported that the hackers employed a strategy of dispersing the stolen assets through an increasingly complex network of wallets before using third-party platforms for laundering. “Among the top entities receiving inflows from the hack were THORChain, Paraswap, Mantle, OK DEX, and DODO,” Nansen noted in a report shared with CoinDesk.

CoinDesk has reached out to THORChain for comment.

Onchain analyst EmberCN revealed that the entire 499,000 ETH stolen from Bybit was laundered within ten days, contributing to a significant drop in ETH’s value, from $2,780 to $2,130.

“THORChain played a central role in this laundering process, facilitating $5.9 billion in transaction volume and earning $5.5 million in handling fees as a result,” EmberCN posted on X.