THORChain raked in $3.01 million in revenue in September alone—five times what it made the previous month.
Where did all that money come from?
A full 63% of its revenue came from laundering fees collected on funds from the Bitget hack.
Revenue skyrocketed, but the amount of RUNE burned barely changed.
That’s because the team quietly slashed the burn rate from 5% to 1%.
Most of the illicit proceeds went straight to nodes, LPs, and the protocol pool.
Consider this alongside the earlier incident in which THORChain rejected Bitget CEO @GracyBitget’s request to freeze the hackers’ funds.
Maybe the belief in decentralization is just a convenient excuse.
The real reason is that this is simply a wildly lucrative money-laundering business that skims a cut.
Last year, $1.2 billion in funds stolen from Bybit was also laundered through THORChain.
When hackers keep sending over transactions with sky-high fees, who would turn down business like that?
$AMZNB
Where did all that money come from?
A full 63% of its revenue came from laundering fees collected on funds from the Bitget hack.
Revenue skyrocketed, but the amount of RUNE burned barely changed.
That’s because the team quietly slashed the burn rate from 5% to 1%.
Most of the illicit proceeds went straight to nodes, LPs, and the protocol pool.
Consider this alongside the earlier incident in which THORChain rejected Bitget CEO @GracyBitget’s request to freeze the hackers’ funds.
Maybe the belief in decentralization is just a convenient excuse.
The real reason is that this is simply a wildly lucrative money-laundering business that skims a cut.
Last year, $1.2 billion in funds stolen from Bybit was also laundered through THORChain.
When hackers keep sending over transactions with sky-high fees, who would turn down business like that?
$AMZNB