The Cross-Chain swap protocol saw a huge increase in activities after the abuse of $ 1.4 billion of the crypto exchange. According to Thorchain Explorer, Thorchain has traded $ 859 million on February 26, reaching its highest daily volume so far. This acceleration did not slow down, and on February 27, the total exchange volume exceeded $ 1 billion in less than 48 hours.
Thorchain is under investigation because it exploits Lazarus group swap characteristics
Thorchain becomes an attractive tool for those who want to quickly move the funds by allowing direct asset swaps between different blockchains. Reports show that North Korea’s state -backed hack group Lazarus uses a protocol to trade the stolen Ether, a common tactic to hide its traces with Bitcoin.
Source: ThorchainBlockchain analysts have long pointed out that Lazarus has made it difficult to follow illegal digital assets into Bitcoin. While the Bybit attack is still in progress, Thorchain’s role in the laundering of stolen funds is under intense examination.
This increase in activities comes in the midst of the ongoing difficulties for Thorchain. In January, the protocol led to a debt restructuring plan by stopping Bitcoin and Ethereum loans after accumulating $ 200 million debt. Although the lending is frozen, the swap is completely working.
More information about Thorchain
Thorwallet officially launched its application, which offers users a smooth way to exchange assets between different blockchains from their mobile devices. As a wallet that is not under surveillance, it allows users to have full control over Thorchain’s cross-Chain liquidity. This version allows users to exchange, bets and win prizes without relying on the central stock exchanges by making non -decentralized trade accessible.
The stock exchanges cooperate with Bybit to freeze stolen assets
Bybit said in a statement that $ 42.85 million was frozen as part of the rescue process. The decentralized stock market Thorchain provided data on the blacklist, while Coinex provided data to the investigation of Bybit. Changenow freezed 34 ETH, worth $ 97,000 and restricted the Avalanche $ 37,124 equivalent to 0.38755 BTC. Fixedfloat, operating on the Lightning Network, has frozen stablecoins of $ 120,000 in USDC and USDT. Bitget and other central exchanges also took part in the prevention of marked addresses.
Stablecoin exporters Circle and Tether have cooperated to identify and mark suspicious wallets. Tether limited measures to freeze 181,000 USDT and limited the attacker’s ability to liquidate stolen assets. Bybit expressed his thanks to the relevant platforms for his timely interventions and cooperation -based efforts.
