Over 50% ETH to BTC Transactions On ThorSwap Are Stolen Funds

The crosschain transaction network, Thorchain has been loved by hackers with it recording more than 50% funds transfers 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 are in 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 $282 million, according to DeFiLlama data.

Also read: FTX Exploiter Moves 5000 ETH After 10 Months, Bridges To BTC