THORChain Responds to Criticism Over Bitget Hack Asset Transfers
THORChain is facing criticism after assets stolen in the Bitget hack were routed through its decentralized cross-chain swapping network. Blockchain investigators found that portions of the stolen BNB and TRX were converted into Bitcoin through THORChain, with about 126.7 BTC traced to swap routes involving the stolen funds as of September 25.
Bitget CEO Gracy Chen publicly asked THORChain to stop servicing addresses linked to the attack, arguing that decentralization should not prevent platforms from responding to known stolen funds. Bitget has said approximately $351.6 million was taken from its hot and warm wallets.
THORChain responded that it is decentralized and permissionless, comparing its operating model with networks such as Bitcoin, Ethereum and BNB Chain. It questioned what responsibility those underlying networks should have when known stolen assets move across them.
The dispute highlights a broader issue in crypto: where should responsibility lie when decentralized infrastructure is used to move funds identified as stolen? Security researchers say THORChain was one of several cross-chain services used in the movement of the Bitget proceeds, while THORChain's response emphasizes that the protocol is designed to operate without centralized permission over individual transactions.
The debate is likely to continue as investigators track the remaining funds and Bitget works to publish further details about the incident.#DogecoinETFsPostBiggestWeekSinceLaunch
THORChain is facing criticism after assets stolen in the Bitget hack were routed through its decentralized cross-chain swapping network. Blockchain investigators found that portions of the stolen BNB and TRX were converted into Bitcoin through THORChain, with about 126.7 BTC traced to swap routes involving the stolen funds as of September 25.
Bitget CEO Gracy Chen publicly asked THORChain to stop servicing addresses linked to the attack, arguing that decentralization should not prevent platforms from responding to known stolen funds. Bitget has said approximately $351.6 million was taken from its hot and warm wallets.
THORChain responded that it is decentralized and permissionless, comparing its operating model with networks such as Bitcoin, Ethereum and BNB Chain. It questioned what responsibility those underlying networks should have when known stolen assets move across them.
The dispute highlights a broader issue in crypto: where should responsibility lie when decentralized infrastructure is used to move funds identified as stolen? Security researchers say THORChain was one of several cross-chain services used in the movement of the Bitget proceeds, while THORChain's response emphasizes that the protocol is designed to operate without centralized permission over individual transactions.
The debate is likely to continue as investigators track the remaining funds and Bitget works to publish further details about the incident.#DogecoinETFsPostBiggestWeekSinceLaunch
