{"id":78743,"date":"2026-09-27T19:01:39","date_gmt":"2026-09-27T19:01:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/thorchain-faces-heat-as-bitget-hack-revives-bybit-controversy-bitcoin-news\/"},"modified":"2026-09-27T19:01:39","modified_gmt":"2026-09-27T19:01:39","slug":"thorchain-faces-heat-as-bitget-hack-revives-bybit-controversy-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/thorchain-faces-heat-as-bitget-hack-revives-bybit-controversy-bitcoin-news\/","title":{"rendered":"Thorchain Faces Heat as Bitget Hack Revives Bybit Controversy \u2013 Bitcoin News"},"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 CEO Gracy Chen wants Thorchain to block the hackers who stole $387.5 million from her exchange on Sept. 24.<\/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\">OKX founder Star Xu argues Thorchain isn\u2019t truly decentralized, while Dashpay\u2019s Joel Valenzuela fiercely disagrees.<\/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 faces renewed scrutiny after previously facilitating $1.2 billion in stolen funds following Bybit\u2019s 2025 hack.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Thorchain Pushes Back as Crypto Figures Clash Over Chen\u2019s Request<\/h2>\n<p>Earlier this week on Sept. 24, hackers attacked the CEX Bitget and managed to steal $387.5 million from the exchange\u2019s coffers. <a href=\"https:\/\/news.bitcoin.com\/featured\/bitget-ceo-wants-thorchain-to-block-hackers-but-theres-a-catch\/\">Bitcoin.com News reported on Saturday<\/a> that the attacker has been leveraging several different rails to move the stolen funds and Thorchain, the decentralized exchange (DEX) service, is one of those vehicles. Chen posted on X and tagged Thorchain\u2019s official account and requested that the platform block the attackers\u2019 wallets.<\/p>\n<p>Thorchain <a href=\"https:\/\/x.com\/THORChain\/status\/2103911825490203083?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">responded by expressing sympathy<\/a> over the Bitget hack but maintained that its protocol was \u201cdecentralized and permissionless like Bitcoin, Ethereum, and BNB Chain.\u201d The X account then posed a pointed question about what responsibility Bitcoin, Ethereum and BNB Chain bear in the matter. Meanwhile, a growing chorus of crypto KOLs has entered the debate, with some siding against Thorchain while others vehemently oppose Chen\u2019s formal request.<\/p>\n<p>Joel Valenzuela, business development and marketing lead for Dashpay, was not impressed by Chen\u2019s request. \u201cShame on you, Gracy Chen,\u201d Valenzuela <a href=\"https:\/\/x.com\/TheDesertLynx\/status\/2103877525080313944?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">said on X<\/a>, replying to her post. \u201cI get that it\u2019s a very stressful and unfortunate time, buy this is an incredibly unfair thing to ask. NO ONE asks Bitcoin or Ethereum to reverse transactions, yet both have in the past rolled back the chain, Ethereum explicitly to reverse an exploit.\u201d<\/p>\n<h2>OKX Founder Challenges Thorchain\u2019s Decentralization Claims<\/h2>\n<p>Others disagreed with Valenzuela\u2019s perspective. Star Xu, the founder and CEO of OKX <a href=\"https:\/\/x.com\/star_okx\/status\/2103921954340385100?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">went on social media and argued<\/a> that he doesn\u2019t think Thorchain\u2019s TSS + validator model \u201crepresents true decentralization.\u201d The OKX founder added that the \u201cselected validators set collectively controls the underlying assets in the TSS vaults. Once the signing threshold is reached, those validators can move the funds.\u201d<\/p>\n<p>He added:<\/p>\n<blockquote>\n<p>\u201cSo from a custody perspective, Thorchain is not comparable to Bitcoin or Ethereum base-layer consensus \u2014 it effectively acts as an intermediary between users and the native chains.\u201d<\/p>\n<\/blockquote>\n<p>The OKX founder also engaged in a back-and-forth exchange with Dashpay\u2019s Valenzuela. \u201cThere is no central authority and no censorship mechanism,\u201d <a href=\"https:\/\/x.com\/TheDesertLynx\/status\/2103947747271622656?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">Valenzuela said to him<\/a>. \u201cStop coping because your failed centralized model can\u2019t protect users,\u201d the Dashpay exec added. \u201cFalse,\u201d <a href=\"https:\/\/x.com\/star_okx\/status\/2104004321805480214?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">Star responded<\/a>. \u201cThorchain effectively proved that it is not truly decentralized. In May, when its own vaults were drained, node operators paused the entire network within minutes and kept it offline for 13 hours.\u201d<\/p>\n<p>The OKX founder continued:<\/p>\n<blockquote>\n<p>\u201cA network that can stop when its own funds are at risk, but refuses to do so when someone else\u2019s funds are at risk, is not \u2018like Bitcoin.\u2019 Bitcoin cannot be stopped. Thorchain can\u2014it simply chooses when to do so.\u201d<\/p>\n<\/blockquote>\n<h2>Bybit\u2019s $1.2 Billion Hack Returns to the Spotlight<\/h2>\n<p>This is not Thorchain\u2019s first rodeo with controversy associated with stolen funds. In February 2025, after <a href=\"https:\/\/news.bitcoin.com\/bybit-ceo-ben-zhou-provides-update-on-hacked-funds-and-recovery-efforts\/\">Bybit was hacked<\/a>, the DEX platform became the primary conduit for the North Korean Lazarus Group to move an estimated $1.2 billion. Even with pressure from the FBI, Thorchain did not block Bybit hack swaps. After Bitget was attacked, <a href=\"https:\/\/x.com\/benbybit\/status\/2103328213141508335?s=20\" target=\"_blank\" rel=\"noopener noreferrer\">Bybit\u2019s founder Ben Zhou told Chen<\/a> that Bybit would be on standby to help in any way the exchange could.<\/p>\n<p>\u201cBitget helped us when we had the hack,\u201d Zhou said. We are updating lazarusbounty.com to help Bitget to capture and trace the stolen fund movement.\u201d<\/p>\n<p>To many observers, Thorchain makes a fair point that truly decentralized protocols shouldn\u2019t be expected to censor transactions like bitcoin miners wouldn\u2019t. But the saving of their own vaults in May somewhat undermines the \u201cwe can\u2019t intervene\u201d defense, according to some KOLs who believe it is like selective morality.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/thorchain-faces-heat-as-bitget-hack-revives-bybit-controversy\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Bitget CEO Gracy Chen wants Thorchain to block the hackers who stole $387.5 million from her exchange on Sept. 24. OKX founder Star Xu argues Thorchain isn\u2019t truly decentralized, while Dashpay\u2019s Joel Valenzuela fiercely disagrees. Thorchain faces renewed scrutiny after previously facilitating $1.2 billion in stolen [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":78744,"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\/78743"}],"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=78743"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/78743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/78744"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=78743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=78743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=78743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}