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Title: $5.5 Million in Revenue for THORChain: A Controversial Connection to North Korea’s Bybit Heist
Blockchain-based liquidity protocol THORChain has generated a staggering $5.5 million in revenue, courtesy of the recent Bybit hack. The cyberattack saw hackers steal approximately 49,000 ETH ($1.39 billion) from the cryptocurrency exchange, with a significant portion being laundered through THORChain.
As reported by Yogi, THORChain facilitated the movement of stolen funds, processing an astonishing $5.4 billion in swap volume over five days. This influx of hacked assets has led to a windfall for the protocol, but raises concerns about its role in enabling illicit activities.
The hack, carried out by North Korean hackers, highlights the vulnerability of cryptocurrency exchanges and the need for robust security measures. Bybit CEO Ben Zhou confirmed that $280 million of the stolen funds have “gone dark,” meaning they are no longer traceable on public blockchains.
THORChain’s connection to this controversy has sparked criticism and scrutiny from the crypto community. Yogi, a prominent commentator in the space, lashed out at THORChain for its lack of action in preventing the laundering of stolen assets. The user argued that other protocols have successfully blocked “dirty wallets” without compromising decentralization.
The incident has also led to internal conflict within THORChain’s development team, with one core developer, known as Pluto, quitting the project after a vote to block North Korean hacker-linked illicit funds was overturned.
THORChain has faced criticism for its failure to implement more stringent measures in tracking and blocking suspicious transactions. Some have questioned whether it could have done more to prevent the movement of stolen assets through its platform.
The recent events underscore the importance of secure infrastructure and responsible practices within the blockchain industry.
Source: https://coincentral.com/5-5m-revenue-for-thorchain-as-north-korean-hackers-move-stolen-bybit-funds/
