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THORChain refuses to block Bitget hacker addresses
THORChain refused Bitget's demand to block addresses linked to the roughly $388 million hack of the exchange. The protocol cited its decentralized and permissionless architecture, while one address flagged by Bitget subsequently completed an XRP-to-Bitcoin swap.
The dispute began after Bitget CEO Gracy Chen called on THORChain to stop serving known addresses linked to the attacker. According to the exchange, around $387.5 million was transferred to hacker-controlled addresses during the September 24 attack.
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On September 27 at 3:14 a.m. ET, one of the addresses on Bitget's list sent 9,999 XRP for a swap through THORChain. Midgard data shows that the XRP-to-Bitcoin transaction was successfully completed after Chen's request and the protocol's response.
Developers cite decentralization
THORChain said the protocol is decentralized and permissionless, similar to the Bitcoin, Ethereum and BNB Chain networks. The team raised the question of what responsibility blockchains themselves should bear when processing transactions involving previously stolen assets.
Chen rejected that argument. She said decentralization is a principle of system design but should not be used as justification for processing funds known to have been stolen. Her request concerned specific addresses linked to the attack.
Earlier, SlowMist's MistTrack platform said it was tracking assets linked to the Bitget hack flowing into THORChain for swaps and subsequent movement between blockchains. The service noted that the relevant addresses were already publicly available.
OKX founder and CEO Star Xu also joined the debate. He challenged THORChain's comparison with Bitcoin, noting that the protocol's validators collectively control assets held in vaults through a threshold signature system. According to Xu, distributing control among multiple participants does not eliminate the intermediary itself.
THORChain has mechanisms to halt operations
THORChain's documentation provides mechanisms to halt swaps for a specific network, suspend outbound transactions or completely stop trading between connected blockchains. Nodes can vote to change the relevant parameters through the Mimir system.
However, these mechanisms differ from Bitget's request to block individual addresses. Suspending operations with a particular blockchain would affect all of its users rather than only wallets linked to the hack.
Meanwhile, Bitget has begun gradually restoring withdrawals following the September 24 attack. The exchange is restoring Bitcoin withdrawals first, with access for other assets expected to follow.
The company has also published an updated list of attacker addresses and offered a reward for helping recover the assets. The bounty amounts to 5% of the relevant funds successfully frozen or recovered.
Earlier, we reported that the attacker moved around $83 million worth of XRP beyond Ripple's freezing mechanisms. The transfers were part of the movement of assets following the Bitget hack.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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