THORChain Trading Volume Soars to $4.6B in Wake of Bybit’s Massive $1.4B Hack

THORChain Reports Record $4.6B Volume Amid Bybit Hack Fallout

THORChain, a decentralized cross-chain trading protocol, has set a new record for transaction volume, largely driven by reports that hackers laundered funds stolen in the Bybit breach through the platform.

DefiLlama data shows THORChain processed $4.66 billion in swaps during the week ending March 2, with over $1 billion in transactions occurring on Sunday alone.

This surge in activity follows the February 22 Bybit hack, where attackers—believed to be linked to North Korea—stole $1.4 billion in ether (ETH). Blockchain investigators suggest the hackers funneled a portion of the stolen funds through THORChain and other decentralized platforms.

“From the initial Bybit Exploiter wallet, the stolen funds were dispersed across multiple intermediary wallets before being swapped using platforms such as THORChain, Paraswap, Mantle, OK DEX, and DODO,” blockchain analytics firm Nansen wrote in a report shared with CoinDesk.

THORChain has not yet publicly responded to the claims.

Onchain analyst EmberCN reported that within ten days, the hackers successfully laundered all 499,000 ETH stolen from Bybit, a process that coincided with a 23% drop in ETH’s price, from $2,780 to $2,130.

“THORChain played a key role in the laundering operation, processing $5.9 billion in transaction volume and earning $5.5 million in fees during the period,” EmberCN posted on X.