Thorchain, a decentralized protocol allowing users to exchange cryptocurrencies through various blockchains, has seen what can be described as an unwanted sleeve after the piracy of Bybit.
The protocol processed $ 4.66 billion in Swaps during the week ending on March 2, the highest count never recorded, according to the Defillama data source. The countdown exceeded the billions of dollars only on Sunday.
The wave of activity follows the hacking of the crypto-pass exchange on February 22, which saw the North Korean malicious entity moves away with $ 1.4 billion in ether. According to the observers, the entity used Thorchain to exchange and whiten the funds, which led to record activity on the platform.
“From the operating portfolio of initial statement, the funds were sent to another net of wallets. With each jump ” further from the main portfolio, there was an increasing quantity of intermediate portfolios and value transfers became smaller and smaller,” said the Nansen blockchain analysis company in a shared relationship with Coindek.
“From Hop 2, the pirate began to interact with third -party entities to start exchanging and whitening the funds. Entities with the most entry volume of the piracy include Thorchain, Paraswap, Mantle, Ok Dex and Dodo,” added Nansen.
Coindesk contacted Thorchain for a comment on the question.
According to ONCHAIN EMPRCN analyst, the pirates blended the entire balance of ETH in ten days, generating record revenues for Thorchain.
“The pirates bleached the 499,000 ETH ($ 1.39 billion) stolen in Bybit, a process that took 10 days. The price of the ETH fell 23% in the process (from $ 2780 to $ 2,1330 today). Thorchain, the main channel used by hackers to whiten money, also made $ 5.9 billion $ 5.5 million in support costs for harassment management fees. ” X.
