THORChain Sees Record $4.6B in Trading Volume as Bybit Hackers Move Funds
THORChain, a decentralized exchange enabling cross-chain crypto swaps, has reported an unprecedented spike in trading volume, coinciding with reports that hackers laundered funds stolen from Bybit through the platform.
Data from DefiLlama shows THORChain processed $4.66 billion in transactions during the week ending March 2, marking its highest recorded volume. Over $1 billion in swaps occurred on Sunday alone.
The surge follows the February 22 Bybit hack, in which attackers—suspected to be linked to North Korea—stole $1.4 billion in ether (ETH). Blockchain analysts suggest that a portion of these funds passed through THORChain as part of an elaborate laundering scheme.
“Funds from the initial Bybit Exploiter wallet were moved through an expanding network of wallets before ultimately being swapped using third-party platforms like THORChain, Paraswap, Mantle, OK DEX, and DODO,” blockchain analytics firm Nansen detailed in a report shared with CoinDesk.
THORChain has yet to comment on the allegations.
Onchain analyst EmberCN noted that the hackers successfully laundered the entire 499,000 ETH in just ten days, contributing to a 23% drop in ETH’s price from $2,780 to $2,130.
“THORChain was the primary venue for laundering, processing $5.9 billion in trading volume and collecting $5.5 million in fees during the operation,” EmberCN posted on X.
