{"id":348905,"date":"2023-10-06T19:00:06","date_gmt":"2023-10-06T13:30:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348905"},"modified":"2023-10-06T14:16:54","modified_gmt":"2023-10-06T08:46:54","slug":"heres-why-thorchains-5-day-volume-hit-the-roof","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/heres-why-thorchains-5-day-volume-hit-the-roof\/","title":{"rendered":"Here\u2019s why ThorChain\u2019s 5-day volume hit the roof"},"content":{"rendered":"<ul>\n<li><em>Most of the volume came from hackers who took advantage of ThorSwap to convert funds.<\/em><\/li>\n<li><em>The DEX has stopped all activities on its platform till further notice.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">ThorChain\u2019s [RUNE]<\/span><span style=\"font-weight: 400;\"> transaction volume reached $355 million on 5 October. But that was not the only eye-catching event on the network despite the surge being a record high. In the last five days, the volume on the ThorChain network also surpassed $1 billion.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">RUNE\u2019 market cap in ETH terms<\/span><\/a><\/p>\n<hr \/>\n<h4><b>Exploits on the forefront<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The surge, which was largely unexpected, did not just happen out of the blue. This was because there were obvious grounds for the hike. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But before going into all those details, information from ThorChain Explorer <\/span><a href=\"https:\/\/thorchain.net\/dashboard\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">showed<\/span><\/a><span style=\"font-weight: 400;\"> that the Swap History-Volume on the network had a lot of <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> cross-chain transactions. This left the volume of BTC at $143 million and ETH at $75 million on the network.<\/span><\/p>\n<figure id=\"attachment_348914\" aria-describedby=\"caption-attachment-348914\" style=\"width: 1085px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08.png\"><img decoding=\"async\" class=\"size-full wp-image-348914\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08.png\" alt=\"ThorChain transaction volume on ThorSwap\" width=\"1085\" height=\"476\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08.png 1085w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08-300x132.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08-1024x449.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-07.36.08-768x337.png 768w\" sizes=\"(max-width: 1085px) 100vw, 1085px\" \/><\/a><figcaption id=\"caption-attachment-348914\" class=\"wp-caption-text\">Source: ThorChain Explorer<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The reasons for the surge in transaction volume could be linked to the hike in exploits over the last few months. According to pseudonymous X (formerly Twitter) user banban, a lot of the volume was not legitimate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, <\/span><a href=\"http:\/\/ambcrypto.com\/runes-gains-become-thorchains-loss-as-dex-lures-hackers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hackers<\/span><\/a><span style=\"font-weight: 400;\"> were taking advantage of the ThorSwap routers to convert stolen funds. For context, ThorSwap is the flagship interface for all ThorChain transactions. It also functions as a multichain DEX aggregator.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banban also went ahead to mention that an additional 114 exploiter addresses linked to the FTX and CoinEx hack accounted for 95.7% of swaps on the network.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">An additional 114 exploiter addresses linked to FTX, CoinEx, and various chain exploits have been included, as provided by <a href=\"https:\/\/twitter.com\/tayvano_?ref_src=twsrc%5Etfw\">@tayvano_<\/a>.<\/p>\n<p>Nonetheless, exploiter volume on <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\">@THORChain<\/a> for the past 4 months accounts for only 4.3%. <\/p>\n<p>The predominant 95.7% is from non-exploiter swaps. <a href=\"https:\/\/t.co\/qEDnW1l658\">https:\/\/t.co\/qEDnW1l658<\/a> <a href=\"https:\/\/t.co\/jWwze1WAUb\">pic.twitter.com\/jWwze1WAUb<\/a><\/p>\n<p>&mdash; banban (@banbannard) <a href=\"https:\/\/twitter.com\/banbannard\/status\/1709618600003399976?ref_src=twsrc%5Etfw\">October 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Four days ago, on-chain sleuth and smart money tracker Lookonchain reported that the FTX wallet drainer transferred ETH worth millions of dollars through 13 addresses. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, the hike in ThorChains\u2019 volume proved that the drainer was using the network to swap the coins into BTC.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FTX Accounts Drainer transferred 7,500 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($12.62M) out again 1 hour ago.<\/p>\n<p>The FTX Accounts Drainer has transferred 22,500 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($38M) out in the past 2 days and currently has 163,235 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($275M) left.<a href=\"https:\/\/t.co\/YMSdqrSTxZ\">https:\/\/t.co\/YMSdqrSTxZ<\/a> <a href=\"https:\/\/t.co\/dL6K47zC3n\">pic.twitter.com\/dL6K47zC3n<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1708518565463380171?ref_src=twsrc%5Etfw\">October 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><b>RUNE falls and ThorSwap makes a statement<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Meanwhile, RUNE seems to have been affected by these developments. At the time of writing, the token price was $1.95, a 4.44% decrease in the last 24 hours. The glaring red candles shown via Santiment\u2019s chart <\/span><a href=\"https:\/\/app.santiment.net\/charts\/xEa4WYsu__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">below<\/span><\/a><span style=\"font-weight: 400;\"> were proof of the rising bearish momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides that, the daily trading volume of RUNE on exchanges jumped to $342.92 million. This metric is an indication of a rise in exchange activity. So, the high <\/span><span style=\"font-weight: 400;\">volume<\/span><span style=\"font-weight: 400;\"> means that a lot of RUNE was most likely sent in a bid to sell. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, it is possible to see another plunge in the token value.<\/span><\/p>\n<figure id=\"attachment_348913\" aria-describedby=\"caption-attachment-348913\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-348913\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023.png\" alt=\"RUNE price and trading volume on exchanges\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/THORChain-RUNE-08.00.01-06-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-348913\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Following the events of the last few days, ThorSwap jumped into action by halting swaps, staking, and lending activities on the DEX. According to its announcement, it had gotten wind of the illegal activities on the platform which it clearly stated that it stood against.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 RUNEs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, the DEX, which allows for the swap of about 5,550 tokens did not, however give a timeframe for the resumption of the activities.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">THORSwap is currently undergoing Maintenance. Swaps are paused. <\/p>\n<p>LP actions, Earn (savers), Borrow (lending), Staking actions are all fully operational. Thank you for your patience and understanding. <a href=\"https:\/\/t.co\/yoPlnE1AAu\">https:\/\/t.co\/yoPlnE1AAu<\/a><\/p>\n<p>&mdash; THORSwap \u26a1 #BetterThanCEX (@THORSwap) <a href=\"https:\/\/twitter.com\/THORSwap\/status\/1710173379104497925?ref_src=twsrc%5Etfw\">October 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>About 95.7% of the $1 billion volume were from exploits. While the project tries to find a solution to the illicit funds, its token RUNE is starting to feel the heat.<\/p>\n","protected":false},"author":72,"featured_media":348911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-348905","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Here\u2019s why ThorChain\u2019s 5-day volume hit the roof - AMBCrypto<\/title>\n<meta name=\"description\" content=\"ThorChain\u2019s [RUNE] transaction volume reached $355 million on 5 October. 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