27 September 2026
Thorchain Under Fire Amid Bitget Hack: Decentralization Debate Intensifies
Thorchain is facing renewed scrutiny following a significant hack of the centralized exchange Bitget, which resulted in the theft of $387.5 million. In the aftermath, Bitget's CEO, Gracy Chen, publicly urged Thorchain to block the wallets associated with the attackers.
Thorchain responded by defending its decentralized nature, comparing the request to asking Bitcoin miners to halt operations to prevent hacks. This stance has sparked a heated debate within the crypto community, with various leaders weighing in on the implications of such a request.
Key opinion leaders (KOLs) have expressed differing views. Joel Valenzuela from Dashpay criticized Chen's request, arguing that it is unfair to expect decentralized networks to reverse transactions. He emphasized that no one asks Bitcoin or Ethereum to intervene in similar situations.
Conversely, Star Xu, founder of OKX, challenged Thorchain's claims of true decentralization. He pointed out that Thorchain's validator model allows for collective control over assets, which he believes undermines its status as a decentralized protocol.
This controversy is not new for Thorchain, which previously facilitated the movement of $1.2 billion in stolen funds following the Bybit hack in 2025. Critics argue that Thorchain's selective intervention during its own security breaches raises questions about its commitment to decentralization.
As discussions continue, the crypto community is left to ponder the complexities of decentralization and the responsibilities that come with it, especially in light of recent events.
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