Cross-chain exchange protocol THORChain sees record spike in activity after cryptocurrency exchange hack bybit amounting to approximately $1,5 billion.
On February 26, the protocol processed $859,61 million in swaps, a record daily volume, according to THORChain Explorer. On February 27, the momentum continued, with volume reaching $210 million and rising. In less than 48 hours, total trading volume surpassed $1 billion.
THORChain allows for direct exchange of assets across different blockchains, a practice often used by hackers to launder stolen funds and cover their tracks.
The surge in activity coincided with ongoing controversy surrounding THORChain. In January, the protocol suspended bitcoin and ether lending after accumulating nearly $200 million in liabilities, leading to a debt restructuring plan. And while lending was suspended, swaps remained active.
Immediately after the exchange was hacked bybit created a website to track stolen and laundered funds and offered rewards to exchanges and protocols that could help freeze them. On February 27, the site listed seven bona fide participants and one unscrupulous one under the nickname eXch.