It is with a mixture of astonishment and mild amusement that we learn of the departure of the esteemed developer, Pluto, from the ranks of THORChain. This decision follows a rather unfortunate vote, which sought to block transactions linked to the nefarious North Korean hackers, only to be reversed with the swiftness of a gentleman’s retreat from an awkward social engagement. A certain validator, TCB, has also threatened to take his leave unless the protocol can swiftly stem the tide of these dubious funds. One cannot help but wonder if such threats are merely the result of a hasty breakfast or a lack of proper tea.
In a recent proclamation, Pluto declared his intention to “no longer be contributing to THORChain.” Yet, in a display of commendable loyalty, he has pledged to remain at the service of Nine Realms, as long as his presence is deemed necessary. How noble! One can only hope that his handover of responsibilities is as smooth as a well-buttered crumpet.
Though Pluto has not elucidated the precise motivations behind his departure, the ever-vocal validator TCB has taken it upon himself to quote Pluto’s missive, adding his own sentiments that he too shall exit the protocol should the THORChain team fail to “rapidly adopt a solution to stop NK [North Korean hacker] flows.” Such dramatic flair! It is as if we are witnessing a scene from a play, where the characters are ever so concerned about their reputations.
Earlier, TCB had proudly proclaimed himself one of the three validators who voted to halt Ethereum (ETH) trading on the protocol, all in an effort to thwart the financial machinations of the infamous Lazarus Group. Alas, the noble intentions of these gentlemen seem to have been met with a most unfortunate reversal, confirmed by the developer Oleg Petrov, who noted that the vote was undone “within minutes.” One might say that the speed of this reversal rivals that of a lady’s blush when caught in an indiscretion!
Just days prior, Pluto had assured his followers that the team was diligently working towards implementing screening services to prevent the flow of illicit funds. How delightful it is to witness such industriousness, even if it appears to have been in vain!
The guy who has been effectively the lead dev for a while will be moving on from @THORChain
As I mentioned yesterday, I will also see myself out if we don’t rapidly adopt a solution to stop NK flows, so this will likely be one of my last posts on the TC subject
The TC…
— TCB (@1984_is_today) February 27, 2025
According to the esteemed data on LookOnChain, it appears that the Bybit hacker has been utilizing THORChain to process stolen funds from one of the most audacious hacks ever perpetrated in the crypto realm. A post published on Feb. 28 revealed that this rogue individual has laundered a staggering total of 270,000 ETH ($605 million), which constitutes a remarkable 54% of the stolen funds, through the cross-chain swap protocol. One must admire the audacity, if not the ethics, of such a venture!
As previously reported by crypto.news, the flow of these ill-gotten gains through the protocol has propelled its trading volume to an astonishing $2.91 billion, generating a rather impressive $3 million in fee revenue in a mere five days. At the present moment, the protocol’s daily trading volume has reached a dizzying $650 million, a far cry from the modest $80 million it once enjoyed before the Bybit hack. How the tables have turned!
THORChain founder’s response
In response to the swirling controversy surrounding the reverted vote and the exodus of developers, THORChain’s founder, John-Paul Thorbjornsen, took to his X account to express his sentiments. He boldly stated that he had been the one to recommend that nodes continue trading, a decision that seems to have been met with mixed reviews.
I recommended to all the nodes I delegate with to continue trading.
I have checked the OFAC/FBI list and none of those addresses have *ever* interacted with TC. I have not been served by any authority, nor aware of any node that has.
I will support my nodes to run a static…
— JP (@jpthor) February 28, 2025
Furthermore, he asserted that none of the hacker addresses listed by the Office of Foreign Assets Control and FBI have ever had
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2025-02-28 14:33