The crosschain transaction network Thorchain has been loved by hackers, with it recording that more than 50% of its transactions are in stolen funds.
According to the pseudonymous analyst Tay, more than 50% of ETH to BTC transactions through ThorSwap Router over the past 4 months have been stolen funds. It includes transfers from exploiters of FTX, Stake, Nirvana, Automic Wallet, and others.
Analyst has found approximately $57 million (34,583 ETH) of stolen funds going to BTC through ThorSwap which accounts to over 65% of total ETH to BTC transactions. It’s all coming straight from the exploiter addresses.
All these bridging of stolen funds include a total of ~$32 million of ETH from FTX hacker, ~$15 million in ETH and USDT from Stake hacker, ~$10.4 million of ETH from various Seed Phrase and private key compromised wallets and other transactions from Nirvana and Automic wallet hackers.
ThorChain allows swapping and borrowing a variety of digital assets regardless of any network barriers using its novel interchain infrastructure. It currently has a TVL of roughly $282 million, according to DeFiLlama data.
Also Read: FTX Exploiter Moves 5000 ETH After 10 Months, Bridges To BTC
