SlowMist founder Cos questioned THORChain on Sept. 27, saying the protocol had shown a double standard in how it handled security incidents. In his post, he described the Bitget theft as a widely known, public, large-scale and clearly identifiable hack, adding that traces linked to North Korean hackers emerged quickly. He said Circle and Tether had already taken action to freeze related funds, and singled out Circle for freezing USDC held by the attacker.
Cos also argued that THORChain had moved quickly to intervene when it faced its own theft in the past, despite describing itself as a decentralized platform. In contrast, he said that in this industry-wide incident, THORChain ignored communication and coordination with other parties, compared itself to Bitcoin and Ethereum, claimed it had no authority to intervene, and continued to collect fees generated by large cross-chain transfers tied to North Korean hackers. He added that decentralization should not be used as a slogan and said the key issue in a major industry incident is to identify what the industry should solve together.
BlockBeats reported on Sept. 27 that SlowMist founder Cos publicly questioned THORChain's stance during major security incidents, accusing the protocol of applying a double standard.
According to his post, the Bitget theft was a widely known, public, large-scale and clearly identifiable hacking incident, and traces linked to North Korean hacker funds surfaced quickly. He said Circle, Tether and others had already moved to freeze related funds, with Circle specifically freezing USDC held by the hacker.
Cos also said THORChain had previously been hacked itself and had moved quickly to intervene at that time, even while describing itself as a so-called decentralized platform. But in this broader industry incident, he said, THORChain ignored outreach and communication from other parties, compared itself with Bitcoin and Ethereum, claimed it was decentralized and had no authority to step in, and continued to receive fees from large cross-chain transactions associated with North Korean hackers.
He added that decentralization is not a slogan, and that in a major industry incident, the key is to distinguish what problem the industry truly needs to solve together.
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