In the past two weeks, three major crypto protocols made controversial centralized control decisions:
• Base shipped a seize function in its native token standard (Cobalt upgrade)
• Thorchain declined a freeze request from Bitget despite confirming it could halt the entire chain if needed
• NEAR Intents proactively froze $503k mid-swap related to the Bitget hack, stating permissionless "doesn't mean neutral." NEAR Intents then halted itself after losing $3.8m in a separate drain
The moves raise questions about centralized intervention at base protocol layers, even as projects cite pragmatism and institutional needs.
• Base shipped a seize function in its native token standard (Cobalt upgrade)
• Thorchain declined a freeze request from Bitget despite confirming it could halt the entire chain if needed
• NEAR Intents proactively froze $503k mid-swap related to the Bitget hack, stating permissionless "doesn't mean neutral." NEAR Intents then halted itself after losing $3.8m in a separate drain
The moves raise questions about centralized intervention at base protocol layers, even as projects cite pragmatism and institutional needs.