{"id":78709,"date":"2026-09-26T20:40:09","date_gmt":"2026-09-26T20:40:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitget-ceo-wants-thorchain-to-block-hackers-but-theres-a-catch\/"},"modified":"2026-09-26T20:40:09","modified_gmt":"2026-09-26T20:40:09","slug":"bitget-ceo-wants-thorchain-to-block-hackers-but-theres-a-catch","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitget-ceo-wants-thorchain-to-block-hackers-but-theres-a-catch\/","title":{"rendered":"Bitget CEO Wants Thorchain to Block Hackers, but There&#8217;s a Catch"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitget\u2019s hack is larger than first reported, with the exchange now putting the damage at $387.5 million.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Gracy Chen wants Thorchain to cut off the hackers as they shuffle stolen funds into bitcoin.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Thorchain faced a similar fight after the Bybit hack, and its validators weren\u2019t willing to block the moving funds.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Bitget\u2019s Hack Climbs to $387.5 Million as CEO Gracy Chen Calls on Thorchain to Block Hackers<\/h2>\n<p>Two days ago, Bitcoin.com News <a href=\"https:\/\/news.bitcoin.com\/security\/bitget-hit-by-351m-hack-withdrawals-frozen-as-probe-begins\/\">reported on the Bitget hack<\/a>, and at the time, the exchange said hackers stole around $351 million. That estimate has been increased since then, and Bitget <a href=\"https:\/\/www.bitget.com\/support\/articles\/12560603896108\" target=\"_blank\" rel=\"noopener noreferrer\">now estimates that<\/a> \u201capproximately $387.5 million were transferred to attacker-controlled addresses.\u201d Bitget\u2019s attacker has been moving stolen funds and leveraging a few different rails, including Thorchain.<\/p>\n<p>Thorchain is essentially a decentralized network that allows people to swap different crypto assets across different blockchain networks, like swapping BTC for ETH. This weekend, <a href=\"https:\/\/x.com\/shridlock\/status\/2103514572078408093\" target=\"_blank\" rel=\"noopener noreferrer\">several reports say<\/a> that tens of millions in XRP have been deposited into Thorchain vaults, and another stash of tens of millions has already been swapped for BTC. The bitcoin is then peeled and hopped across a myriad of bitcoin addresses.<\/p>\n<p>In addition to Thorchain, the Bitget hackers are reportedly using Chainflip, Uniswap, 1inch Fusion, Stargate, Across, and Relay, to name a few. The Thorchain moves have caught the attention of Bitget executives, and CEO Gracy Chen <a href=\"https:\/\/x.com\/GracyBitget\/status\/2103812967066439817?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">took to X on Saturday<\/a> to ask Thorchain to block the attackers. \u201cOur attacker addresses are publicly listed and actively tracked. We are formally asking Thorchain to refuse service to these addresses,\u201d Chen wrote.<\/p>\n<p>The Bitget CEO added:<\/p>\n<blockquote>\n<p>\u201cDecentralization is a design principle, not a shield for facilitating known stolen funds. The industry is watching.\u201d<\/p>\n<\/blockquote>\n<h2>Thorchain Faces Another Bybit-Style Standoff<\/h2>\n<p>Chen\u2019s comments did not resonate well with some respondents replying to her X thread. \u201cWhat part of permissionless don\u2019t you understand? Why aren\u2019t you asking BTC miners to stop the funds?\u201d <a href=\"https:\/\/x.com\/BooneW\/status\/2103818910663401586?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">one person asked<\/a>. \u201cWould you get mad at the highway that the bank robber used to escape?\u201d another individual wrote on the Bitget CEO\u2019s thread.<\/p>\n<p>Chen\u2019s ask is the thing Thorchain had already declined under FBI pressure after the Bybit hack. Thorchain was leveraged to move $1.2 to $1.5 billion in stolen funds from the Bybit breach. At the time, the FBI asked the industry to block <a href=\"https:\/\/news.bitcoin.com\/lazarus-group-suspected-of-moving-175m-in-eth-after-arbitrum-freezes-71m-from-kelpdao-exploit\/\">DPRK-linked addresses<\/a>, and three of the protocol\u2019s validators voted to halt ETH trading. Four validators reversed the decision a half an hour later, and Thorchain continued to run. A developer quit over the fiasco.<\/p>\n<p>The protocol can halt the entire system, and nodes can pause trading. For instance, after the May 2026 GG20 exploit that <a href=\"https:\/\/news.bitcoin.com\/thorchain-loses-nearly-11m-as-attackers-poison-vault-churn-process-across-4-chains\/\">drained about $10.7 to $11 million<\/a> from one of its vaults, operators paused the network, and it stayed down for weeks while they patched. Alongside this, some Thorchain front ends have screened sanctioned or flagged addresses for years, but this can be bypassed. If Thorchain wasn\u2019t able to block the Bybit funds, or validators chose not to, likely, it won\u2019t happen in this case either.<\/p>\n<p>At 2:17 p.m. Eastern time on Saturday, Thorchain\u2019s official X account <a href=\"https:\/\/x.com\/THORChain\/status\/2103911825490203083?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">responded to the request<\/a>, alongside tagging the Bitget CEO. \u201cWe are devastated to hear about the recent exploit and can imagine how difficult this must be for everyone involved. [Thorchain] is decentralized and permissionless like Bitcoin, Ethereum, and BNB Chain. What responsibility should Bitcoin, Ethereum, and BNB Chain bear when handling known stolen funds?\u201d<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/featured\/bitget-ceo-wants-thorchain-to-block-hackers-but-theres-a-catch\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Bitget\u2019s hack is larger than first reported, with the exchange now putting the damage at $387.5 million. Gracy Chen wants Thorchain to cut off the hackers as they shuffle stolen funds into bitcoin. Thorchain faced a similar fight after the Bybit hack, and its validators weren\u2019t [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":78710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/78709"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=78709"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/78709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/78710"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=78709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=78709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=78709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}