SlowMist founder Cos said on X that the Bitget hack spread widely, involved a large amount of funds, and that the stolen assets were quickly linked to North Korean hackers. He said institutions including Circle and Tether had already helped freeze related funds, with Circle freezing USDC held by the hackers.
Cos then turned to THORChain, arguing that the protocol had previously moved quickly to intervene when it faced its own theft incident, despite its decentralized positioning. In this case, he said, THORChain responded to a major industry security event by saying it was decentralized and had no authority to interfere, while also comparing itself with Bitcoin and Ethereum and continuing to collect fees from large cross-chain transactions tied to the hackers.
He said decentralization should not be reduced to a slogan, and that the key issue after a major security breach is identifying which problems require a coordinated industry response. He also argued that platforms such as THORChain should not be casually equated with Bitcoin and Ethereum because their decentralization models and mechanisms differ in clear ways.
SlowMist founder Cos said in a post on X that the Bitget hack spread widely, involved a large amount of funds, and that the related assets were quickly linked to North Korean hackers.
According to Cos, institutions including Circle and Tether moved in to help freeze the funds. He added that Circle froze USDC held by the hackers.
Cos challenges THORChain’s stance
Turning to THORChain, Cos said the protocol had previously acted quickly to intervene in its own theft incident, even though it presents itself as decentralized. This time, he said, THORChain answered a major industry security event by saying it was decentralized and had no authority to interfere.
He also said THORChain compared itself with Bitcoin and Ethereum while continuing to collect fees from large cross-chain transactions linked to the hackers.
Decentralization should not be a slogan
Cos said decentralization should not be treated as a slogan. After a major security incident, the more important task is to identify which issues require a joint response from the industry.
He added that platforms such as THORChain should not be casually placed in the same category as Bitcoin and Ethereum, because different systems have clear differences in both their degree of decentralization and their underlying mechanisms.
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