THORChain generates $5M in fees, $5.4B in volume since Bybit hack

THORChain generated over $5 million in revenue as Bybit’s $1.4 billion hacker used the protocol for moving funds, sparking controversy over its role in illicit crypto transfers.

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.

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