Former Australian Air Force Pilot John-Paul Thorbjornsen Has Been Promoting His New Crypto Wallet, Vultisig

Former Australian Air Force pilot John-Paul Thorbjornsen, also known as JP Thor, has been promoting his new crypto wallet, Vultisig, which runs on THORChain — a decentralized network he founded

A former Australian Air Force pilot, John-Paul Thorbjornsen, also known as JP Thor, has been promoting his new crypto wallet, Vultisig, which runs on THORChain. Founded by Thorbjornsen, THORChain is a decentralized network designed for efficient cross-chain swaps without intermediaries.

Recently, both Vultisig and THORChain have seen a spike in usage, which blockchain security researchers link to North Korea’s Lazarus Group.

According to reports, following the record $1.4 billion hack of Bybit in February, investigators found that over $1.2 billion in stolen ETH was laundered through THORChain. Despite FBI warnings and global efforts to freeze illicit funds, THORChain's operators and wallet apps like Vultisig and Asgardex have refused to block suspicious transactions.

The protocol even briefly paused Ethereum swaps but reversed the move after community backlash.

Experts estimate THORChain validators and wallet developers earned over $12 million in fees tied to the hack. Critics argue THORChain isn't truly decentralized, citing previous incidents where a single keyholder paused the network, raising concerns over its governance.

Vultisig, whose revenue is reportedly linked to the Bybit heist, generated over $200,000 in fees from the stolen funds. The wallet's token, VULT, is set to launch on April 16, with plans for a free airdrop to top users.

While Thorbjornsen claims no current operational ties to THORChain, his public association continues to draw scrutiny.

As U.S. regulators consider actions similar to those taken against Tornado Cash, the discussion around the responsibility of decentralized platforms in combating crypto-related crime, especially when linked to nation-state actors like North Korea, is heating up. The line between decentralization and accountability continues to blur.