THORChain Hits Record $4.6B Volume as Bybit Hackers Funnel Stolen Funds

THORChain, a decentralized liquidity protocol, has reached an all-time high in transaction volume following reports that hackers exploited the platform to launder funds stolen from Bybit.

According to DefiLlama, THORChain processed $4.66 billion in swaps in the week ending March 2, surpassing previous records. More than $1 billion in transactions took place on Sunday alone.

This surge follows the February 22 hack of Bybit, where attackers—believed to be linked to North Korea—made off with $1.4 billion in ether (ETH). Blockchain analysts suggest that a significant portion of these funds flowed through THORChain, among other platforms, in an attempt to obscure their origins.

Nansen, a blockchain analytics firm, described the laundering method as a complex web of transactions. “Funds from the initial Bybit Exploiter wallet were gradually distributed across multiple intermediary wallets before being funneled into platforms like THORChain, Paraswap, Mantle, OK DEX, and DODO,” Nansen reported to CoinDesk.

CoinDesk has contacted THORChain for a statement.

Onchain analyst EmberCN noted that the hackers successfully laundered the entire 499,000 ETH in just ten days, which coincided with ETH’s price dropping 23%, from $2,780 to $2,130.

“THORChain was the primary avenue for laundering, seeing $5.9 billion in transaction volume and collecting $5.5 million in handling fees throughout the process,” EmberCN posted on X.