THORChain's $573,000 Share of Stolen Funds' Fees Reveals Complexity of Crypto Laundering

Independent on-chain researcher Andrey Sergeenkov has analyzed the movement of funds stolen in Bitget's $387.5 million September breach and found that they generated at least $761,725 in identifiable fees for various crypto protocols and services.

The majority of these fees, approximately $573,226, went to THORChain liquidity providers, accounting for 75.3% of the total fees.

Sergeenkov's research also found that seven THORChain affiliate recipients collected approximately $259,718 in affiliate fees, with additional transaction links to wallets involved in the laundering routes.

The affiliate recipients did not necessarily control the attacker wallets or knowingly facilitate laundering, and the calculated fees should not be treated as net profits.