Bitget’s recent security incident has triggered a new debate around THORChain and permissionless crypto protocols.
Following the reported $387.5M Bitget hot-wallet breach, the attacker reportedly began moving some of the stolen assets through THORChain.
Bitget CEO Gracy Chen has publicly called on THORChain to stop processing transactions linked to the identified attacker wallets.
This raises an important question for decentralized protocols:
If an address has been publicly identified as belonging to a suspected attacker, should a permissionless protocol continue processing its swaps?
THORChain has faced a similar discussion before, including after the $1.46B Bybit hack, when stolen assets were reportedly routed through the protocol.
The challenge is that permissionless systems generally do not have a traditional mechanism to freeze or block individual accounts.
So the debate goes beyond whether an attacker can be identified.
The bigger question is what a decentralized protocol should do once those addresses are known.
#Bitget #GracyChen #CryptoSecurity #DeFi:
Following the reported $387.5M Bitget hot-wallet breach, the attacker reportedly began moving some of the stolen assets through THORChain.
Bitget CEO Gracy Chen has publicly called on THORChain to stop processing transactions linked to the identified attacker wallets.
This raises an important question for decentralized protocols:
If an address has been publicly identified as belonging to a suspected attacker, should a permissionless protocol continue processing its swaps?
THORChain has faced a similar discussion before, including after the $1.46B Bybit hack, when stolen assets were reportedly routed through the protocol.
The challenge is that permissionless systems generally do not have a traditional mechanism to freeze or block individual accounts.
So the debate goes beyond whether an attacker can be identified.
The bigger question is what a decentralized protocol should do once those addresses are known.
#Bitget #GracyChen #CryptoSecurity #DeFi:
