THORChain and Wasabi Wallet: How hackers moved $6.3 billion worth of cryptocurrency stolen from Binance. - Vietnam.vn
Hackers moved $6.3 billion stolen from Binance through THORChain and Wasabi Wallet, with $3.3 billion still in their possession despite industry efforts to freeze the funds.
Just minutes after the Binance hack, $6.3 billion was split across more than 10,000 wallets; approximately $3.3 billion remains in the hands of the hackers, according to Chainalysis data. Following the attack, the hacker group fragmented the assets, transferring them through thousands of digital wallets, multiple blockchain networks, and trace-obscuring services like THORChain and Wasabi Wallet to evade scrutiny.
Within minutes of the attack, the stolen funds were broken down into smaller amounts and distributed across more than 10,000 digital wallets. From there, the assets continued to be transferred across multiple blockchain networks and transaction mixing services, creating a complex network that made tracing the funds difficult.
Just hours after the attack, about half of the stolen assets were frozen as stablecoin issuers like Tether and Circle blocked the associated wallets. However, according to blockchain tracing firms, approximately $3.3 billion remains in the hands of the hackers.
THORChain: A bridge for exchange between blockchain networks
One of the platforms used was THORChain, a service that allows users to swap cryptocurrencies between different blockchain networks. Chainalysis stated that in the 72 hours following the Binance hack, THORChain processed over $46 million originating from the theft.
The platform also generated over $200,000 in transaction fees, which were distributed to those who participated in operating the system. THORChain is no stranger to large-scale thefts. In 2025, after the Dubai-based Bybit exchange was robbed of $1.5 billion, the hacking group carried out nearly $1 billion in transactions through the platform.
The system was not designed to block individual transactions or digital wallets.
Wasabi Wallet: obscuring traces on the Bitcoin network
Another service that emerged in the asset transfer market was Wasabi Wallet. Nearly $4 million was transferred through this platform during the same period. The service helps conceal the origin of cryptocurrency when assets are transferred between Bitcoin wallets.
The mechanism relies on a single coordinating party responsible for aggregating and processing transactions to obscure the flow of money. Data from the Wasabi Wallet tracking platform shows that currently, only one coordinating entity handles over 99% of transactions on the system.
Controversy: Who is responsible for decentralization?
Last weekend, the FBI urged cryptocurrency services to block transactions related to the Binance hack, specifically naming several operators of THORChain network nodes. Despite this, the platform continues to operate, and the wallets involved in the theft are still using Wasabi Wallet.
Developers argue that they cannot or are not obligated to intervene in every single transaction. Conversely, Scott Armstrong, an attorney at Armstrong & Bradylyons and former federal prosecutor investigating cryptocurrency cases, argues that providing tools to help users avoid being traced after attacks seems to have become part of the business for some services.
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