27 September 2026
Bitget CEO Urges Thorchain to Block Hackers Amid $387.5 Million Theft
In a significant development following the recent Bitget hack, CEO Gracy Chen has publicly urged Thorchain to take action against the hackers responsible for draining approximately $387.5 million from her exchange. Chen's appeal comes just two days after the breach was reported, with the stolen funds being actively shuffled through various platforms, including Thorchain.
Chen emphasized that decentralization should not be a cover for facilitating transactions involving known stolen assets. She stated, "Decentralization is a design principle, not a shield for facilitating known stolen funds," highlighting the pressing need for security in decentralized networks.
Reports indicate that the Bitget hackers have been leveraging Thorchain to convert stolen assets into Bitcoin, with tens of millions in XRP already deposited into Thorchain vaults. The hackers are also utilizing other platforms like Chainflip and Uniswap to move their illicit gains.
Despite Chen's request, Thorchain has faced criticism for its decentralized nature, which some argue prevents it from blocking transactions. In response to Chen's appeal, Thorchain reiterated its commitment to being a permissionless network, similar to Bitcoin and Ethereum, raising questions about the responsibility of decentralized platforms in handling stolen funds.
This incident echoes a previous situation involving Thorchain and the Bybit hack, where the network was pressured to block funds linked to the breach but ultimately chose to continue operating without restrictions. As the crypto community watches closely, the debate over security and decentralization continues to unfold.
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