THORChain Liquidity Earned $573,000 From Bitget-Linked…
By Abdelaziz Fathi
AI summary of the source article
On-chain researcher Andrey Sergeenkov found that moving funds stolen in Bitget's $387.5 million September breach generated at least $761,725 in identifiable protocol fees. THORChain liquidity fees dominated the total at approximately $573,226, or 75.3%, while MetaMask-related fees reached $149,417, Chainflip broker fees totaled $26,751, and CoW EthFlow fees contributed roughly $12,332. Furthermore, about $259,718 in THORChain affiliate payments went to seven recipients with additional financial links to laundering routes. Sergeenkov noted that the data does not establish that fee recipients knowingly facilitated laundering or controlled the attacker wallets, but it provides investigative leads intersecting with centralized exchanges.
Why it matters
The findings show that stolen crypto assets can generate legitimate revenue for decentralized protocols and routing services while creating potential attribution leads for on-chain investigators.
Key facts
- Moving assets stolen in Bitget's $387.5 million hack generated at least $761,725 in fees across crypto protocols.
- THORChain liquidity fees represented 75.3% of the total, collecting approximately $573,226.
- Seven THORChain affiliate fee recipients collected about $259,718 and showed additional financial connections to laundering wallets.