The post THORChain generates $5M in fees, $5.4B in volume since Bybit hack appeared on BitcoinEthereumNews.com.

THORChain generated more than $5 million in total revenue after the protocol’s asset swap volume hit record highs, driven by the exploiter behind the $1.4 billion Bybit hack. Centralized crypto exchange Bybit was hacked for over $1.4 billion worth of crypto on Feb. 21 in the largest hack in crypto history. The North Korean state-affiliated Lazarus Group, identified as the main suspect by blockchain security firms, continued laundering the stolen funds, using crosschain asset swap protocol THORChain for a significant part of the transfers. Since the exploit, THORChain has processed more than $5.4 billion in total swap volume, generating about $5.5 million in revenue, according to data from the THORChain explorer. Total swap volume. Source: THORChain explorer THORChain’s swap volume exceeded $1 billion in a single day following the Bybit hack, according to a Feb. 27 report from Cointelegraph. The protocol generated over $554,000 in total income that day. Amid the revenue milestone, THORChain remains under scrutiny for its role in facilitating the movement of illicit funds. On Feb. 28, a THORChain developer quit the protocol after a vote to block North Korean hacker-linked illicit funds was reverted. “Effectively immediately, I will no longer be contributing to THORChain,” the crosschain swap protocol’s core developer, only known as “Pluto,” wrote in a Feb. 27 X post.  Related: ADA, SOL, XRP rally after Trump’s crypto reserve announcement THORChain criticized for allowing stolen funds to flow “THORChain just helped North Korea launder $605 million. No KYC, no off switch, no resistance. Lazarus Group jacked Bybit for $1.5 billion in February 2025, then funneled the stolen ETH through THORChain like it was built for them,” crypto commentator Yogi wrote in a March 4 X post. Source: Yogi “Other protocols have blocked dirty wallets without killing decentralization. THORChain had options—Elliptic, transaction monitoring—but ignored them,” he…

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Filed under: News - @ March 5, 2025 4:24 am