In interviews conducted since he came out from behind the \u201cleena\u201d account in 2024, Thorbjornsen has positioned himself as a key lead. He now says his plan had always been to hand over the account, along with command powers and control of THORChain social media accounts, once the blockchain had matured enough to realize its promise of decentralization.<\/p>\n
In 2021, he says, he started this process, first by ceasing to use his own rune to back node operators who didn\u2019t have enough to supply their own funding (this can be a way to influence node votes without operating a node yourself). That year, the protocol suffered multiple hacks that resulted in millions of dollars in losses. Nine Realms, a US-incorporated coding company, was brought on to take over THORChain\u2019s development. Thorbjornsen says he passed \u201cleena\u201d over to \u201cother community members\u201d and \u201cleft crypto\u201d in 2021, selling \u201ca bunch of bitcoin\u201d and buying the helicopter.\u00a0<\/p>\n
Despite this crypto departure, he came back onto the scene with gusto in 2024 when he revealed himself as the operator of the \u201cleena\u201d account. \u201c\u200b\u200bFor many years, I stayed private because I didn\u2019t want the attention,\u201d he says now.\u00a0<\/p>\n
By early 2024 Thorbjornsen considered the network to be sufficiently decentralized and began advertising it publicly. He started regularly posting videos on his TikTok and YouTube channels (\u201cTwo sick videos every week,\u201d in the words of one caption) that showed him piloting his helicopter wearing shirts that read \u201cThor.\u201d<\/p>\n
By November 2024, Thorbjornsen, who describes himself as \u201ca bit flamboyant,\u201d was calling himself THORChain\u2019s CEO (\u201cchief energy officer\u201d) and the \u201cmaster of the memes\u201d in a video from Binance Blockchain Week, an industry conference in Dubai. You need \u201cstrong memetic energy,\u201d he says in the video, \u201cto create the community, to create the cult.\u201d Cults imply centralized leadership, and since outing himself as \u201cleena,\u201d Thorbjornsen has publicly appeared to helm the project, with one interviewer deeming him the \u201cTHORChain Satoshi\u201d (an allusion to the pseudonymous creator of bitcoin).\u00a0<\/p>\n
One consequence of going public as a face of the protocol: He\u2019s received death threats. \u201cI stirred it up. Do I regret it? Who knows?\u201d he said when we met in Australia. \u201cIt\u2019s caused a lot of chaos.\u201d\u00a0<\/p>\n
But, he added, \u201cthis is the bed that I\u2019ve laid.\u201d When we spoke again, months later, he backtracked, saying he \u201cgot sucked into\u201d defending THORChain in 2024 and 2025 because he was involved from 2018 to 2021 and has \u201ca perspective on how the protocol operates.\u201d<\/p>\n
Ryan Treat, a retired US Army veteran, woke up one morning in January 2025 to some disturbing activity on X. \u201cMy heart sank,\u201d he says. THORFi, the THORChain program he\u2019d used to earn interest on the bitcoin he\u2019d planned to save for his retirement, had frozen all accounts\u2014but that didn\u2019t make sense.<\/p>\n
THORFi featured a lending and saving program said to give users \u201ccomplete control\u201d and self-custody of their crypto, meaning they could withdraw it at any time.\u00a0<\/p>\n
Treat was no crypto amateur. He bought his first bitcoin at around \u201c$5 apiece,\u201d he says, and had always kept it off centralized exchanges that would maintain custody of his wallets. He liked THORChain because it claimed to be decentralized and permissionless. \u201cI got into bitcoin because I wanted to have government-less money,\u201d he says.\u00a0<\/p>\n
\nWe were told it was decentralized. Then you wake up one morning and read this guy had an admin mimir.<\/strong><\/p>\n<\/blockquote>\nMany who\u2019d used THORFi lending and saving programs felt similarly. Users I interviewed differentiated THORChain from centralized lending platforms like BlockFi and Celsius, both of which offered extraordinarily high yields before filing for bankruptcy in 2022. \u201cI viewed THORChain as a decentralized system where it was safer,\u201d says Halsey Richartz, a Florida-based THORFi creditor, with \u201cvanilla, 1% passive yield.\u201d Indeed, users I spoke with hadn\u2019t felt the need to monitor their THORFi deposits. \u201cOnly your key can be used to withdraw your funds,\u201d the product\u2019s marketing materials insisted. \u201cSavers can withdraw their position to native assets at any time.\u201d<\/p>\n
So on January 9, when the \u201cleena\u201d account announced that an admin key had been used to pause withdrawals, it took THORFi users by surprise\u2014and seemed to contradict the marketing messaging around decentralization. \u201cWe were told that it was decentralized, and you wake up one morning and read an article that says \u2018This guy, JP, had an admin mimir,\u2019\u201d says Treat, referring to Thorbjornsen, \u201cand I\u2019m like, \u2018What the fuck is an admin mimir?\u2019\u201d<\/p>\n
The admin mimir was one of \u201ca bunch of hard-coded admin keys built into the base code of the system,\u201d says Jonathan Reiter, CEO of the blockchain intelligence company ChainArgos. Those with access to the keys had the ability to make executive decisions on the blockchain\u2014a function many THORChain users didn\u2019t realize could supersede the more democratic decisions made by node votes. These keys had been in THORChain\u2019s code for years and \u201clet you control just about anything,\u201d Reiter adds, including the decision to pause the network during the hacks in 2021 that resulted in a loss of more than $16 million in assets.\u00a0<\/p>\n
Thorbjornsen says that one key was given to Nine Realms, while another was \u201cshared around the original team.\u201d He told me at least three people had them, adding, \u201cI can neither confirm nor deny having access to that mimir key, because there\u2019s no on-chain registry of the keys.\u201d<\/p>\n
Regardless of who had access, Thorbjornsen maintains that the admin mimir mechanism was \u201cwidely known within the community, and heavily used throughout THORChain\u2019s history\u201d and that any action taken using the keys \u201ccould be largely overruled by the nodes.\u201d Indeed, nodes voted to open withdrawals back up shortly after the admin key was used to pause them. By then, those burned by THORFi argue, the damage had already been done. The executive pause to withdrawals, for some, signaled that something was amiss with THORFi. This led to a bank run after the pause was lifted, until the nodes voted to freeze withdrawals permanently (which Thorbjornsen had suggested in a since-deleted post on X), separating users from crypto worth around $200 million in US dollars on January 23. THORFi users were then offered a token called TCY (THORChain Yield), which they could claim with the idea that, when its price rose to $1, they would be made whole. (The price, as of writing, sits at $0.16.)<\/p>\n
Who used the key? Thorbjornsen maintains he didn\u2019t do it, but he claims he knows who did and won\u2019t say. He says he\u2019d handed over the \u201cleena\u201d account and doesn\u2019t \u201chave access to any of the core components of the system,\u201d nor has he for \u201cat least three years.\u201d He implies that whoever controlled \u201cleena\u201d at the time used the admin key to pause network withdrawals.<\/p>\n
A video released by Nine Realms on February 20, 2025, names Thorbjornsen as the activator of the key, stating, \u201cJP ended up pausing lenders and savers, preventing withdrawals so that we can work out \u2026 [a] payback plan on them.\u201d Thorbjornsen told me the video was \u201cnot factual.\u201d<\/p>\n
Multiple blockchain analysts told me it would be extremely difficult to determine who used the admin mimir key. A month after it was used to pause the network, THORChain said the key had been \u201cremoved from the network.\u201d At least you can\u2019t find the words \u201cadmin mimir\u201d in THORChain\u2019s base code; I\u2019ve looked.\u00a0<\/p>\n
Culpability<\/h3>\n After the debacle of the THORFi withdrawal freeze, Richartz says, he tried to file reports with the Miami-Dade Police Department, the Florida Department of Law Enforcement, the FBI, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Trade Commission, and Interpol. When we spoke in November, he still hadn\u2019t been able to file with the city of Miami. They told him to try small claims court.<\/p>\n
\u201cI was like, no, you don\u2019t understand \u2026 a post office box in Switzerland is the company address,\u201d he says. \u201cIt underscored to me how little law enforcement even knows about these crimes.\u201d\u00a0<\/p>\n
As for the Bybit hack, at least one government has retaliated against those who facilitate blockchain projects. Last April German authorities shut down eXch, an exchange suspected of using THORChain to process funds Lazarus stole from Bybit, says Julia Gottesman, cofounder and head of investigations at the cybersecurity group zeroShadow. Australia, she adds, where Thorbjornsen was based, has been \u201cslow to try to engage with the crypto community, or any regulations.\u201d<\/p>\n
\n
KAGAN MCLEOD<\/div>\n<\/figure>\n<\/div>\n
In response to requests for comment, Australia\u2019s Department of Home Affairs wrote that at the end of March 2026, the country\u2019s regulatory powers will expand to include \u201cexchanges between the same type of cryptocurrency and transfers between different types.\u201d They did not comment on specific investigations.<\/p>\n
Crypto and finance experts disagree about whether THORChain engaged in money laundering, defined by the UN as \u201cthe processing of criminal proceeds to disguise their illegal origin.\u201d But some think it fits the definition.<\/p>\n
Shlomit Wagman, a Harvard fellow and former head of Israel\u2019s anti-money-laundering agency and its delegation to the Financial Action Task Force (FATF), thinks the Bybit activity was money laundering because THORChain helped the hackers \u201ctransfer the funds in an unsupervised manner, completely outside of the scope of regulated or supervised activity.\u201d\u00a0<\/p>\n
And by helping with conversions, Carlsen says, THORChain enabled bad actors to turn stolen crypto into usable currency. \u201cPeople like [Thorbjornsen] have a personal degree of culpability in sustaining the North Korean government,\u201d he says. Thorbjornsen counters that THORChain is \u201copen-source infrastructure.\u201d<\/p>\n
Meanwhile, just days after the hack, Bybit issued a 10% bounty on any funds recovered. As of mid-January this year, between $100 million and $500 million worth of those funds in US dollars remain unaccounted for, according to Gottesman of zeroShadow, which was hired by Bybit to recover funds following the hack.<\/p>\n
Thorbjornsen hacked<\/h3>\n For Thorbjornsen, it\u2019s just another day at the casino. That\u2019s the comparison he made during his regrettable 7\u00a0News Spotlight interview about the Bybit heist, and he repeated it when we met. \u201cYou go to a casino, you play a few games, you expect to lose,\u201d he told me. \u201cWhen you do actually go to zero, don\u2019t cry.\u201d<\/p>\n
Thorbjornsen, it should be noted, has lost at the casino himself.<\/p>\n
In September, he says, he got a Telegram message from a friend, inviting him to a Zoom meeting. He accepted and participated in a call with people who had \u201cAmerican voices.\u201d<\/p>\n
\nUltimately, Thorbjornsen describes himself as a guy who\u2019s had a bad year, fending off \u201cthreat vectors\u201d left and right.<\/strong><\/p>\n<\/blockquote>\nAfter the meeting, Thorbjornsen learned that his friend\u2019s Telegram had been hacked. Whoever was responsible had used the Zoom link to remotely install software on Thorbjornsen\u2019s computer, which \u201cgot access to everything\u201d\u2014his email, his crypto wallets, a bitcoin-based retirement fund. It cost him at least $1.2 million. The blockchain sleuth known as ZachXBT traced the funds and attributed the hack to North Korea.\u00a0<\/p>\n
ZachXBT called it \u201cpoetic.\u201d<\/p>\n
Ultimately, Thorbjornsen describes himself as a guy who\u2019s had a bad year. He says he had to liquidate his crypto assets because he\u2019s dealing with the fallout of a recent divorce. He also feels he is fending off \u201cthreat vectors\u201d left and right. More than once, he asked if I was a private investigator masquerading as a journalist.<\/p>\n
Still, his many contradictions don\u2019t inspire confidence. He doesn\u2019t have any more crypto assets, he says. However, the crypto wallet he shared with me so I could pay him back for lunch showed that it contained assets worth more than $143,000 in US dollars. He now says it wasn\u2019t his wallet. He says he doesn\u2019t control THORChain\u2019s social media, but he\u2019d also told me that he runs the @THORChain X account (later backtracking and saying the account is \u201cdelegated\u201d to him for trickier questions).<\/p>\n
He insists that he does not care about money. He says that in the robot future, the AI-powered hive mind will become our benevolent overlord, rendering money obsolete, so why give it much thought? Yet as we flew back from the vineyard, he pointed out his new house from the helicopter. It resembles a compound. He says he lives there with his new wife.\u00a0<\/p>\n
Multiple people I spoke with about Thorbjornsen before I met him warned me he wasn\u2019t trustworthy, and he\u2019s undeniably made fishy statements. For instance, the presence of a North Korean flag in a row of decals on the tail of his helicopter suggested an affinity with the country for which THORChain has processed so much crypto. Thorbjornsen insists he had requested the flag of Australia\u2019s Norfolk Island, calling the mix-up \u201ca complete coincidence.\u201d The flags were gone by the time of our flight, apparently removed during a recent repair.<\/p>\n
\u201cMoney is a meme,\u201d he says. \u201cMoney does not exist.\u201d Meme or not, it\u2019s had real repercussions for those who have interacted with THORChain, and those who wound up losing have been looking for someone to blame.\u00a0<\/p>\n
When I spoke with Thorbjornsen again in January, he appeared increasingly concerned that he is that someone. He\u2019s spending more time in Singapore, he told me. Singapore happens to have historically denied extraditions to the US for money-laundering prosecutions.\u00a0<\/p>\n
Jessica Klein is a Philadelphia-based freelance journalist covering intimate partner violence, cryptocurrency, and other topics.<\/em><\/p>","protected":false},"excerpt":{"rendered":"\u201cWe\u2019re out of airspace now. We can do whatever we want,\u201d Jean-Paul Thorbjornsen tells me from the pilot\u2019s seat of his Aston Martin helicopter. As we fly over suburbs outside Melbourne, Australia, it\u2019s becoming clear that doing whatever he wants is Thorbjornsen\u2019s MO.\u00a0 Upper-middle-class homes give way to vineyards, and Thorbjornsen points out our landing spot outside a winery. People visiting for lunch walk outside. \u201cThey\u2019re going to ask for a shot now,\u201d he says, used to the attention drawn by his luxury helicopter, emblazoned with the tail letters \u201cBTC\u201d for bitcoin (the price tag of $5 million in Australian dollars\u2014$3.5 million in US dollars today\u2014was perhaps reasonable for someone who claims a previous crypto project made more than AU$400 million, although he also says those funds were tied up in the company).\u00a0 Thorbjornsen is a founder of THORChain, a blockchain through which users can swap one cryptocurrency for another and earn fees from making those swaps. THORChain is permissionless, so anyone can use it without getting prior approval from a centralized authority. As a decentralized network, the blockchain is built and run by operators located across the globe, most of whom use pseudonyms.\u00a0 During its early days, Thorbjornsen himself hid behind the pseudonym \u201cleena\u201d and used an AI-generated female image as his avatar. But around March 2024, he revealed that he, an Australian man in his mid-30s, with a rural Catholic upbringing, was the mind behind the blockchain. More or less.\u00a0 If there is a central question around THORChain, it is this: Exactly who is responsible for its operations? Blockchains as decentralized as THORChain are supposed to offer systems that operate outside the centralized leadership of corruptible governments and financial institutions. If a few people have outsize sway over this decentralized network\u2014one of a handful that operate at such a large scale\u2014it\u2019s one more blemish on the legacy of bitcoin\u2019s promise, which has already been tarnished by capitalistic political frenzy.\u00a0 \u00a0 Who\u2019s responsible for THORChain matters because in January last year, its users lost more than $200 million worth of their cryptocurrency in US dollars after THORChain transactions and accounts were frozen by a singular admin override, which users believed was not supposed to be possible given the decentralized structure. When the freeze was lifted, some users raced to pull their money out. The following month, a team of North Korean hackers known as the Lazarus Group used THORChain to move roughly $1.2 billion of stolen ethereum taken in the infamous hack of the Dubai-based crypto exchange Bybit.\u00a0 Thorbjornsen explains away THORChain\u2019s inability to stop the movement of stolen funds, or prevent a bank run, as a function of its decentralized and permissionless nature. The lack of executive powers means that anyone can use the network for any reason, and arguably there\u2019s no one to hold accountable when even the worst goes down. But when the worst did go down, nearly everyone in the THORChain community, and those paying attention to it in channels like X, pointed their fingers at Thorbjornsen. A lawsuit filed by the THORChain creditors who lost millions in January 2025 names him. A former FBI analyst and North Korea specialist, reflecting on the potential repercussions for helping move stolen funds, told me he wouldn\u2019t want to be in Thorbjornsen\u2019s shoes. THORChain was designed to make decisions based on votes by node operators, where two-thirds majority rules. That\u2019s why I traveled to Australia\u2014to see if I could get a handle on where he sees himself and his role in relation to the network he says he founded. According to Thorbjornsen, he should not be held responsible for either event. THORChain was designed to make decisions based on votes by node operators\u2014people with the computer power, and crypto stake, to run a cluster of servers that process the network\u2019s transactions. In those votes, a two-thirds majority rules. Then there\u2019s the permissionless part. Anyone can use THORChain to make swaps, which is why it\u2019s been a popular way for widely sanctioned entities such as the government of North Korea to move stolen money. This principle goes back to the cypherpunk roots of bitcoin, a currency that operates outside of nation-states\u2019 rules. THORChain is designed to avoid geopolitical entanglements; that\u2019s what its users like about it. But there are distinct financial motivations for moving crypto, stolen or not: Node operators earn fees from the funds running through the network. In theory, this incentivizes them to act in the network\u2019s best interests\u2014and, arguably, Thorbjornsen\u2019s interests too, as many assume his wealth is tied to the network\u2019s profits. (Thorbjornsen says it is not, and that it comes instead from \u201cmany sources,\u201d including \u201cbuying bitcoin back in 2013.\u201d) Now recent events have raised critical questions, not just about Thorbjornsen\u2019s outsize role in THORChain\u2019s operations, but also about the blockchain\u2019s underlying nature. If THORChain is decentralized, how was a single operator able to freeze its funds a month before the Bybit hack? Could someone have unilaterally decided to stop the stolen Bybit funds from coming through the network, and chosen not to?\u00a0 Thorbjornsen insists THORChain is helping realize bitcoin\u2019s original purpose of enabling anyone to transact freely outside the reach of purportedly corrupt governments. Yet the network\u2019s problems suggest that an alternative financial system might not be much better. Decentralized?\u00a0 On February 21, 2025, Bybit CEO Ben Zhou got an alarming call from the company\u2019s chief financial officer. About $1.5 billion US of the exchange\u2019s ethereum token, ETH, had been stolen.\u00a0 The FBI attributed the theft to the Lazarus Group. Typically, criminals will want to convert ETH to bitcoin, which is much easier to convert in turn to cash. Knowing this, the FBI issued a public service announcement on February 26 to \u201cexchanges, bridges \u2026 and other virtual asset service providers,\u201d encouraging them to block transactions from accounts related to the hack.\u00a0 Someone posted that announcement in THORChain\u2019s private, invite-only developer channel on Discord, a chat app used widely by software engineers and gamers. While other crypto exchanges and bridges (which facilitate<\/p>","protected":false},"author":2,"featured_media":71991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[52,5,7,1],"tags":[],"class_list":["post-71990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-club","category-committee","category-news","category-uncategorized","pmpro-has-access"],"acf":[],"yoast_head":"\n
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