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Thorchain faces a critical moment as key developers leave amid concerns over North Korean hackers using the platform to launder stolen cryptocurrency.
Bybit hackers laundered 270,000 ETH, equivalent to approximately $605 million, via THORChain, representing over half of stolen funds. The post Bybit Hacker Launders 270K ETH Via THORChain, Still Holds $514M appeared first on Cryptonews.
THORChain is facing internal turmoil after a developer resigned over a controversial vote to block transactions linked to North Korean hackers.
A THORChain RUNE developer has stepped away from the project after an attempt to block transactions linked to North Korean hackers was reversed.
A THORChain dev has backed out and a validator is threatening to follow as North Korean hackers have reportedly sent $605 million worth of crypto through the protocol.
Thorchain is experiencing a developer exodus, as hackers from Lazarus Group are using the interoperability-focused blockchain to launder Ethereum (ETH) stolen in the Bybit hack. A Thorchain developer known as TCB announced that Pluto, the protocol's unofficial lead developer, is stepping down.
MetaMask head of security, Taylor Monahan, said Lazarus has moved at least 209,384 ETH, over half the ETH stolen from Bybit, into BTC.
THORChain, a cross-chain swap protocol, witnessed a huge uptick in its activity as the party behind the Bybit heist attempted to launder stolen funds through the platform. The Bybit heist now tagged the largest cryptocurrency heist the world has ever seen, happened on February 21, 2025, and saw the exchange lose about $1.
In January, THORChain paused Bitcoin and Ethereum lending to prevent misuse, as part of a $200 million debt restructuring.
The cross-chain swap protocol has seen a massive surge in activity following the $1.4 billion exploit of the crypto exchange. On Feb. 26, THORChain processed $859 million in swaps, its highest-ever daily volume, according to THORChain Explorer.
Bybit's illicit funds laundering has earned THORChain almost $3 billion in trading volume and $3 million in fee revenue.
THORChain, a decentralized crosschain swap protocol, has witnessed a surge in transaction volume following the $1.4 billion exploit of Bybit. The post Crosschain Swap Protocol THORChain Sees Spike in Activity After Bybit Hack appeared first on Cryptonews.
THORChain's swap volume has hit record highs as the Bybit hack laundering frenzy continues.
The price of RUNE, the native token of THORChain, has climbed 19.7% to hit an intraday high of $1.65 today accompanied by a 29.6% increase in trading volume to $1.268 billion.
THORChain (RUNE) decentralized exchange (DEX) volume has shot up a massive 300% in the past seven days alone.
THORChain (RUNE), a decentralized liquidity protocol, has emerged as a noteworthy player in the cryptocurrency market. Built on the Cosmos SDK and Tendermint protocol, THORChain enables cross-chain swaps, empowering users to exchange tokens across different blockchain networks.
Bybit exchange is on a recovery mode as the hackers behind the exploit have laundered $250 million of the funds.
The crypto market has shown limited favorability to bulls over the past week. However, certain altcoins continue to register gains driven by external developments.
THORChain's node operators approved a plan to convert $200 million in debt into equity tokens, but community members are raising concerns over its long-term viability.
THORChain suspended THORFi services on January 23 and implemented a 90-day restructuring plan to address debt from its Savers and Lending programs.
Thorchain has endorsed a strategy to transform $200 million in debt into equity by issuing a new token, Thorchain Yield (TCY), in a bid to fortify its financial footing. Thorchain Converts $200 Million Debt to Equity in Restructuring Effort On Jan. 23, Thorchain suspended redemptions for its Lending and Savers programs after amassing considerable liabilities.
ThorChain will restructure $200M in toxic debt from ThorFi, paying out creditors with new TCY tokens. Each TCY token will have a nominal value of $1 for each $1 in lost collaterals, but will start trading at $0.10, allowing some creditors to cash out at a loss.
The majority of validators and other governance members voted in favor of converting debt into equity, moving forward with the TCY issuance.
TL;DR THORChain is addressing its $200 million debt by issuing a new token called TCY, converting defaulted debt into equity. TCY token holders will receive 10% of THORChain's revenue in perpetuity, aligning their interests with the protocol's long-term growth.
