A hacker has just stolen $387 million and gradually converted it into $BTC . Bitget asks to block the wallets; THORChain answers bluntly: no.
Bitget lost $387.5 million on September 24, and is now reopening BTC withdrawals for users in batches. The exchange has sent an official request to THORChain, the protocol the hacker is using to swap ETH for BTC, urging it to directly block the thief’s wallet address.
THORChain refused. A protocol representative said this is a decentralized network, and there is no mechanism to add addresses to a blacklist, even though the victim has spoken out publicly.
While the two sides are still going back and forth, about $6 million of the stolen funds has successfully been converted to BTC through exactly this route, and the funds are still flowing every hour.
Who’s right or wrong under the law is not the biggest concern here. The worrying part is that decentralized DeFi has no emergency stop button—something that used to be a marketing promise, and is now a real vulnerability that the victims have to bear.
Personal observation, not investment advice
#BTC #Bitget #THORChain #Hack #Crypto
Bitget lost $387.5 million on September 24, and is now reopening BTC withdrawals for users in batches. The exchange has sent an official request to THORChain, the protocol the hacker is using to swap ETH for BTC, urging it to directly block the thief’s wallet address.
THORChain refused. A protocol representative said this is a decentralized network, and there is no mechanism to add addresses to a blacklist, even though the victim has spoken out publicly.
While the two sides are still going back and forth, about $6 million of the stolen funds has successfully been converted to BTC through exactly this route, and the funds are still flowing every hour.
Who’s right or wrong under the law is not the biggest concern here. The worrying part is that decentralized DeFi has no emergency stop button—something that used to be a marketing promise, and is now a real vulnerability that the victims have to bear.
Personal observation, not investment advice
#BTC #Bitget #THORChain #Hack #Crypto
