THORChain Refused to Block the $388M Bitget Hacker 😳 Defending Crypto or Enabling Hackers?
Here’s what happened behind the scenes 👇
Right Now Bitget was hit by a security breach on Sept 24, with the total affected assets later revised to around $387.5M. But Bitget also said it would fully cover the financial impact of the incident, protecting users from losses caused by the breach. The attacker then started moving part of the stolen funds through different routes, including THORChain.
Bitget CEO Gracy Chen asked THORChain to block the addresses linked to the hacker, but THORChain refused, saying its emergency controls are meant to protect the protocol as a whole rather than selectively block specific wallets.
And while that debate is happening, the money is still moving. Around 2,390 $ETH was swapped into 75.2 $BTC through THORChain across 27 successful swaps, worth roughly $6.3M.
That’s where things get interesting for DeFi. If everyone knows the funds are stolen, should a permissionless protocol still process them? Or does blocking specific wallets defeat the idea of permissionless infrastructure?
Why is $ENA suddenly flying? The Binance move is bigger than it looks...
Ethena just expanded the USDe basis trade into tokenized equities through Binance bStocks + equity perps
That means USDe is no longer relying only on crypto markets for this strategy. Ethena says the potential collateral universe goes from around $2.5T in crypto to $150T+ in RWAs
And ENA reacted hard
Price pushed from around $0.12 to nearly $0.29, with the chart now testing the highs again
But there’s one thing I’m watching next
The remaining investor allocation is scheduled for a larger unlock on Oct 5. Independent estimates put it around 1.41B ENA, roughly 14% of circulating supply but that number is not officially confirmed by Ethena
So for me the story is simple
Binance brought the narrative Price brought the momentum Now the unlock is the next test
Would you hold ENA through Oct 5 or reduce some exposure before it? 👀 #ENA
BTC is holding around $84K & the weekly close is the main thing I’m watching rn.
A strong close above this weekly structure could put the month-end / Q3 close firmly in focus & potentially shift the conversation heading into the new quarter.
What makes this even more interesting:
US 10Y yields stayed near their weekly highs, with Friday closing around 5.17% after touching 5.18%.
Higher yields usually aren’t the easiest backdrop for risk assets… yet BTC is still holding near $84K.
That Hold is worth watching.
The next weekly candle may reveal whether this is quiet strength or just a pause before volatility returns. 👀