Thorchain crisis unfolds as stolen cryptocurrencies from Bybit get laundered through the decentralized network. Lazarus hacker group converts Ethereum to Bitcoin, raising concerns about DeFi industry credibility.
The Lazarus hacker group has laundered all the stolen funds from the Bybit exchange through the decentralized Thorchain network. Despite accusations of negligence, Thorchain supporters argue it cannot act like an executive entity. After the Bybit hack on February 21, 2024, Lazarus converted around 500,000 Ethereum units to Bitcoin, marking the largest digital currency theft in history. Concerns arise about the vulnerability of decentralized platforms if groups like Lazarus can launder billions, challenging the DeFi industry’s credibility. Meanwhile, the price of the native token RUNE temporarily surged due to Thorchain’s increased transaction volume, but the gains quickly dissipated.
