The recent hack of Bybit, a popular cryptocurrency exchange, has caused quite a stir in the crypto community. The exchange reported that it had lost over $7 million worth of cryptocurrency in the attack, with the majority of the stolen funds being laundered through THORChain.

THORChain, a decentralized cross-chain liquidity protocol, has been at the center of controversy since the hack was first reported. It has been revealed that the attackers responsible for the Bybit hack have managed to launder over 54% of the stolen funds through the protocol, raising concerns about its security and reliability.

This incident has once again highlighted the vulnerability of the cryptocurrency industry to cyber attacks and the need for stronger security measures. With the increasing popularity and adoption of cryptocurrencies, it is crucial for exchanges and protocols to have robust security protocols in place to protect users’ funds.

The Bybit hack is just one of many recent attacks on cryptocurrency exchanges, with millions of dollars being stolen from various platforms in the past year alone. This has raised questions about the security of these exchanges and the responsibility they have in safeguarding their users’ assets.

In response to the hack, Bybit has assured its users that it is working closely with law enforcement and security experts to investigate the incident and recover the stolen funds. The exchange has also implemented additional security measures to prevent future attacks.

As for THORChain, the protocol has faced criticism for its lack of security measures and its role in facilitating the laundering of stolen funds. This incident serves as a wake-up call for the protocol to strengthen its security protocols and regain the trust of the crypto community.

In conclusion, the Bybit hack and the involvement of THORChain in laundering the stolen funds have once again highlighted the need for stronger security measures in the cryptocurrency industry. It is crucial for exchanges and protocols to prioritize the safety of their users’ funds and take necessary steps to prevent such attacks in the future.