North Pole

2024

DeFi

THORChain

<p><strong>John-Paul Thorbjornsen, who also goes by the name JP Thor, recently confessed to something he had been hiding for a very long time.</strong></p>
<p>Hes the founder of a well-known layer-1 cross-chain protocol THORChain and pretended to be a completely made-up woman called Leena for six years while doing it.</p>
<p>Now, just a few months after revealing his identity, Thorbjornsen has revealed his next crusade: vampire-attacking bad players in the decentralized finance (DeFi) industry while building his own super app.&nbsp;</p>
<p>I am vampire-attacking all of DeFi to wake everyone up, Thorbjornsen tells Magazine. Im launching a six-month attack on everything in DeFi.</p>
<p>In crypto, a <a href="https://cointelegraph.com/explained/what-is-a-vampire-attack-in-crypto" target="_blank" rel="nofollow">vampire attack</a> occurs when one project offers higher incentives or benefits to <a href="https://cointelegraph.com/news/sushiswaps-liquidity-grab-actually-made-uniswap-stronger-data-shows" target="_blank" rel="nofollow">snatch users</a> or liquidity from another project, sucking the life out of them. Really nasty ones could end up shuttering a project entirely.&nbsp;</p>
<p>Im literally paying for people to move liquidity around to chase incentives and to basically attack other protocols, says Thorbjornsen.&nbsp;</p>
<p>On X, Thorbjornsen <a href="https://x.com/jpthor/status/1804582498346934393" target="_blank" rel="nofollow">said</a> this would involve a mix of social, governance and liquidity pool migration attacks.&nbsp;</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>Theyre all tied up; theyre all slow rugs, and Im just sick of the grifting and the profiteering and no one building meaningful stuff.</p>
</blockquote>
<p>Thorbjornsen said the next phase after that would be to build DECASWAP, a DeFi super app that will package all credible DeFi protocols into a single mega interface and aggregator.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">PREPARE TO GET VAMPED!!!<br><br>Let's kick of DeFi Summer 2.0 with Memes, Money and Momentum. <br><br>The best memes have the shortest circuit between the narrative and the name. So let's just call this thing what it is. <br><br>It's time to channel all that negative energy from rugging founders, <a href="https://t.co/j2SQT0lFCi" target="_blank" rel="nofollow">pic.twitter.com/j2SQT0lFCi</a></p>— JP.THOR | ACCEL (@jpthor) <a href="https://twitter.com/jpthor/status/1804582478847644137?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">June 22, 2024</a>
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<p>His plan is to eventually merge 1020 other projects and attract 100 million users, presumably leaving the others to fend for themselves.&nbsp;</p>
<p>Im just doing a giant M&amp;A [merger and acquisition]; everything Im building already exists. Im just folding it into a giant brand; its a giant coordination exercise, he says.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>So, Im just putting all of DeFi on notice, and well attack all of them.</p>
</blockquote>
<p>It comes just a few months after Thorbjornsen revealed his true identity as the founder of THORChain, a layer-1 decentralized protocol that allows users to trade native assets between different blockchains without the need for wrapped or pegged assets.</p>
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<p>Hes also been pretty busy in between all of this, launching Vultisig, a self-custodial multichain crypto wallet with in-built two-factor authentication, which ended up unintentionally birthing the idea for a memecoin-focused decentralized exchange WEWESWAP.</p>
<h2 class="wp-block-heading" id="h-jp-thor-s-gender-reveal"><strong>JP Thors gender reveal</strong></h2>
<p>In March, Thorbjornsen revealed he had been building the protocol under the pseudonym Leena for the better part of six years.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>I wanted to build hardcore, in the weeds. I didnt want to go to conferences. I didnt want to go to panels, do circle-jerk founder retreats or that nonsense.</p>
</blockquote>
<p>I built up Leena as this kind of founder to ship the protocol, says Thorbjornsen.&nbsp;</p>
<p>THORChain was founded in mid-2018 and went live in June 2022 after four years of development. In March, the cross-chain protocol <a href="https://viewblock.io/thorchain/stat/swapVolumeUsd?time=month" target="_blank" rel="nofollow">notched</a> over $11 billion in swap volume, the first in its history, according to data from ViewBlock.&nbsp;</p>
<p>For some, it was a heartbreaking moment. Leena was a highly respected figure in the THORChain community and presented herself as an admin and lead developer, garnering herself a little fanbase of her own.&nbsp;</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" width="1005" height="535" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/image3-1.png" alt="THORChain founder and his plan to ‘vampire attack’ all of DeFi" class="wp-image-34617" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/image3-1.png 1005w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/image3-1-300x160.png 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/07/image3-1-770x410.png 770w" sizes="(max-width: 1005px) 100vw, 1005px">
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  One of the many fake social media profiles that Thorbjornsen created for Leena. (LinkedIn)
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</figure>
<p>I literally generated her on ThisPersonDoesNotExist.com, Thorbjornsen says, referencing the AI face generator launched by a 33-year-old software engineer at Uber in 2019.</p>
<p>I wanted to prove a point: that anyone could build a project based solely on the merits of their output.</p>
<p>It should be completely irrelevant who you are, who you look like, what your avatar is; you should just be able to literally compete in an arena of intelligence, says Thorbjornsen.</p>
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Why kill Leena?<br><br>For 6 years Leena could have nuked the THORChain project by giving up, rugging the treasury, firing the devs, abandoning the project. <br><br>But that point has passed. There is literally nothing she can do now to stop the protocol marching forward. It is autonomous,</p>— JP.THOR | ACCEL (@jpthor) <a href="https://twitter.com/jpthor/status/1791638327071805574?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">May 18, 2024</a>
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<p>For better or worse, the crypto industry tends to idolize its high-profile founders. For example, try talking about Ethereum without mentioning its high-profile co-founder Vitalik Buterin.</p>
<p>In June 2017, <a href="https://cointelegraph.com/news/proof-of-vitalik-ethereums-buterin-immutably-counters-death-rumors" target="_blank" rel="nofollow">a hoax about his death from a car crash</a> amplified an ETH flash crash at the time where its price fell 22% over a span of three days.&nbsp;</p>
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   <p lang="en" dir="ltr">Remember when the only major FUD in crypto was Vitalik dying in a car crash every few weeks? <a href="https://t.co/kUcEV556OA" target="_blank" rel="nofollow">pic.twitter.com/kUcEV556OA</a></p>— versteckt (@0xVersteckt) <a href="https://twitter.com/0xVersteckt/status/1693681217504190810?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">August 21, 2023</a>
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<p>Even convicted felon Sam Bankman-Fried was nearly inseparable from the crypto exchange he founded in the publics eye. The reputation of both burned together when the exchange collapsed in November 2022 due to misappropriated customer funds.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>[Projects] shouldnt be built around people, and the people who are building to try and attach themselves to projects and reinforce their own public profile, they should just be fluid and focus on the output of their intelligence.</p>
</blockquote>
<p>Magazine asked whether he felt he was treated any differently as a female, and Thorbjornsen said he was, at most, underestimated.&nbsp;</p>
<p>I was always treated with respect, recalls Thorbjornsen. People always addressed me as maam in the Discord, and there was never any sexism or anything, which is pretty crazy.</p>
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">leena from <a href="https://twitter.com/thorchain_org?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@thorchain_org</a> is the new satoshi so there's that <a href="https://t.co/73uzGDJrq6" target="_blank" rel="nofollow">pic.twitter.com/73uzGDJrq6</a></p>— Oak (@tannedoaksprout) <a href="https://twitter.com/tannedoaksprout/status/1303223257743667200?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 8, 2020</a>
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<p>I think, at most times, Leena was underestimated. But once people could see the quality of her outputs, then she was assessed correctly for who she was.&nbsp;</p>
<p>Data from Forex Suggest in 2023 <a href="https://forexsuggest.com/women-in-crypto/" target="_blank" rel="nofollow">found</a> that only three of the 50 most influential crypto CEOs are women, and Triple-A data <a href="https://triple-a.io/cryptocurrency-ownership-data/" target="_blank" rel="nofollow">shows</a> around 39% of crypto owners are female.&nbsp;</p>
<h2 class="wp-block-heading" id="h-thorbjornsen-dreamed-of-going-to-space-but-bitcoin-changed-all-that"><strong>Thorbjornsen dreamed of going to space, but Bitcoin changed all that</strong></h2>
<p>Thorbjornsen grew up on a small island off the coast of Australias Northern Territory among eight brothers and one sister. He tells Magazine he dreamed of becoming an astronaut as a kid.&nbsp;</p>
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<p>I was reading science books and aviation books. My parents had a library to give to us kids […] I wanted to explore the universe. I thought that was the next frontier, says Thorbjornsen.&nbsp;</p>
<p>That thinking eventually led Thorbjornsen on a military path. He joined the Royal Australian Air Force in 2007 and began training as a fighter pilot in 2012. Four years later, he had accumulated over 2,000 flight hours in training and deployments around the world.&nbsp;</p>
<p>But it was in mid-2013 when Thorbjornsens world began to flip he heard someone on stage at a startup conference talking about a Bitcoin exchange and went home to Google what it was.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>I just went ahead and Googled it and read the white paper, and thats when I was inspired. I was like: This is going to change the world, literally.</p>
</blockquote>
<p>In 2017, Thorbjornsen abandoned his career path in the Air Force and went all-in on crypto.&nbsp;</p>
<p>That same year, he raised millions in Ether in what was Australias second-largest initial coin offering at the time to launch CanYa, a blockchain-based marketplace where individuals can offer services (mowing the lawn, doing the dishes) and receive payment in cryptocurrencies.</p>
<p>The marketplace ultimately failed.&nbsp;</p>
<p>I moved quickly and raised some money, but it was a misdirection. Nobody used the products. We built the product, but nobody ever used it, he recalls.&nbsp;</p>
<p>And it was during that time period that I realized the actual thing to build, the hardcore thing, was a decentralized exchange.</p>
<p>But thats not to say his piloting days are over.&nbsp;</p>
<h2 class="wp-block-heading" id="h-get-to-the-chopper"><strong>Get to the chopper</strong></h2>
<p>While Thorbjornsen has some lofty crypto ambitions for the next five years, youll probably see him on the news soon.</p>
<p>In February, he announced at the Singapore Airshow that he was now planning an expedition with two helicopters to circumnavigate the globe.</p>
<p>Thorbjornsen and another pilot will take off from Darwin in the first quarter of 2026 and fly from the North Pole to the South Pole, covering 30,000 nautical miles in a 12-month journey.&nbsp;</p>
<p>Hell be covering 50 countries over seven continents and will cross the equator three times.&nbsp;</p>
<p>Nobodys ever done it before, but we have all the means and machines to do that. It just takes someone to get in the arena to actually do it.&nbsp;</p>
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THORChain founder and his plan to ‘vampire attack’ all of DeFi

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