THORChain’s swap volume has skyrocketed, hitting record highs as stolen funds from the Bybit hack flood the network
On Feb. 26, THORChain processed $859 million in swaps, its highest-ever daily volume, according to THORChain Explorer. The momentum didn’t slow down, adding another $210 million on Feb. 27, pushing total swap volume past $1 billion in under 48 hours.
THORChain allows direct asset swaps between different blockchains, making it an attractive tool for those looking to move funds quickly. Reports indicate that North Korea’s state-sponsored hacking group, Lazarus, has been using the protocol to swap stolen Ether for Bitcoin, a common tactic to obscure their trail.
Blockchain analysts have long pointed out that Lazarus converts illicit digital assets into Bitcoin to make tracking more difficult. With the Bybit hack still unfolding, THORChain’s role in laundering stolen funds is under intense scrutiny.
This surge in activity comes amid ongoing challenges for THORChain. In January, the protocol paused Bitcoin and Ether lending after racking up $200 million in liabilities, prompting a debt restructuring plan. While lending has been frozen, swapping remains fully operational.
THORwallet has officially launched its app on the App Store, giving users a seamless way to swap assets across different blockchains directly from their mobile devices. As a non-custodial wallet, it allows users to maintain full control of their funds while accessing THORChain’s cross-chain liquidity.
This release makes decentralized trading more accessible, enabling users to swap, stake, and earn rewards without relying on centralized exchanges.
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