Coinspeaker
THORChain Records $1B Trading Volume After Massive Bybit $1.4B Hack
In the wake of a massive security breach at cryptocurrency exchange Bybit, users are rapidly shifting to decentralized platforms to safeguard their assets. THORChain, a cross-chain swap protocol, has emerged as a prominent beneficiary of this migration, witnessing unprecedented activity levels.
On February 26, THORChain processed an astounding $859.61 million in swaps, setting a new daily volume record. The momentum continued into February 27, with an additional $210 million in transactions, bringing the two-day total to over $1 billion. This surge directly follows Bybit’s $1.5 billion hack on February 21, which has prompted users to seek decentralized alternatives like THORChain to manage their funds securely.
Controversy Surrounding THORChain’s Role in Illicit Activities
Despite its growing popularity, THORChain has faced criticism for allegedly facilitating the laundering of stolen funds
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