THORChain generated approximately $5.5 million in fee revenue due to the Bybit hack, processing over $5.4 billion in transaction volume.
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THORChain generated approximately $5.5 million in fee revenue due to the Bybit hack, processing over $5.4 billion in transaction volume.
According to Cointelegraph, the cross-chain asset exchange protocol THORChain has processed over $5.4 billion in trading volume and generated approximately $5.5 million in revenue since Bybit's $1.4 billion hack. Data from the THORChain explorer shows that in the single day following Bybit's breach, THORChain handled more than $1 billion in swap volume, generating over $554,000 in total revenue on that day alone. Despite achieving this revenue milestone, THORChain has faced scrutiny for its role in facilitating illicit fund transfers. On February 28, after a vote to block illicit funds linked to North Korean hackers was reversed, a THORChain developer announced their withdrawal from the protocol.
Navigating Web3 tides with focused insightsTechFlow reports that on March 4, according to Cointelegraph, the cross-chain asset exchange protocol THORChain has processed over $5.4 billion in trading volume and generated approximately $5.5 million in revenue since Bybit suffered a $1.4 billion hack. Data from the THORChain browser shows that within a single day following the Bybit breach, THORChain handled more than $1 billion in swap volume, generating over $554,000 in total revenue on that day alone.
Despite achieving this revenue milestone, THORChain has faced scrutiny for its role in facilitating illicit fund transfers. Previously, on February 28, news emerged that after a vote to block illicit funds linked to North Korean hackers was reversed, a THORChain developer announced their departure from the protocol.
