Misty Yuanyin on THORChain: Decentralization is not just a slogan; industry security incidents should not be met with “no authority to interfere”
Misty Yuanyin said in a post on the X platform that the Bitget theft incident spread widely, involved a huge amount of money, and that the related funds were quickly traced to North Korean hackers. Institutions such as Circle and Tether promptly assisted in freezing the relevant funds, including Circle freezing the USDC held by the hackers.
Regarding THORChain, Yuanyin noted that when THORChain itself previously suffered a theft incident, it also quickly intervened in what it claimed was a so-called “decentralized” platform. But this time, in the face of a major industry security incident, it responded on the grounds of “decentralization, no authority to interfere,” likened itself to Bitcoin and Ethereum, and continued to earn fees from the hacker’s large cross-chain transactions.
He said that decentralization should not be merely a slogan; after a major security incident occurs, the key is to distinguish which problems require the industry to resolve together. He also believes that THORChain and similar platforms should not be easily compared to Bitcoin and Ethereum, because the degree of decentralization and the mechanisms differ significantly between systems.
Misty Yuanyin said in a post on the X platform that the Bitget theft incident spread widely, involved a huge amount of money, and that the related funds were quickly traced to North Korean hackers. Institutions such as Circle and Tether promptly assisted in freezing the relevant funds, including Circle freezing the USDC held by the hackers.
Regarding THORChain, Yuanyin noted that when THORChain itself previously suffered a theft incident, it also quickly intervened in what it claimed was a so-called “decentralized” platform. But this time, in the face of a major industry security incident, it responded on the grounds of “decentralization, no authority to interfere,” likened itself to Bitcoin and Ethereum, and continued to earn fees from the hacker’s large cross-chain transactions.
He said that decentralization should not be merely a slogan; after a major security incident occurs, the key is to distinguish which problems require the industry to resolve together. He also believes that THORChain and similar platforms should not be easily compared to Bitcoin and Ethereum, because the degree of decentralization and the mechanisms differ significantly between systems.