Should THORChain Have Processed Bybit Hack Funds? Industry is Split
Mar 08 2025 bitcoin
THORChain processed nearly three-quarters of the $1.4 billion Bybit hack, even though it could easily have prevented the stolen ether from passing through. This has spurred a debate about cypherpunk values. When it became clear that the Lazarus Group hackers were swapping their stolen ETH for bitcoins on THORChain, an immediate vote to halt ETH to BTC swaps was passed, and then almost immediately reverted by other voters. THORChain made $5.5 million from its role as the main conduit for North Korean hackers laundering their ill-gotten gains, according to THORChain Explorer. The protocol saw $5.9 billion in swap volume in the 10 days from Feb. 22 through March 3. After 10 days, the hackers managed to launder all of the nearly 500,000 ether they stole into bitcoin. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
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