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Bitget
2026-09-28 10:27:31

Bitget’s $387.5 million hack puts THORChain at the center of a censorship dispute

Bitget’s latest security breach has turned into a wider industry argument over what decentralized protocols should do when stolen funds pass through their systems. The exchange said it detected abnormal transfers from some hot and warm wallets at 2:31 a.m. Beijing time on Sept. 25, later raising its estimated loss from about $351.6 million to roughly $387.5 million after identifying previously uncounted Zcash and TRON assets. Around 103 million XRP, worth about $157 million at the time, made up the largest portion of the stolen assets. Part of the funds was later traced through THORChain, where some BNB was swapped into Bitcoin. Bitget CEO Gracy publicly called on THORChain to block transactions tied to flagged attacker addresses, arguing that decentralization should not be used to facilitate the movement of known stolen funds. THORChain declined, saying it is a permissionless decentralized network, much like Bitcoin, Ethereum and BNB Chain. The dispute intensified because THORChain itself paused operations after a May 15 vault exploit that led to the theft of about $10.7 million. Critics, including OKX founder Xu Mingxing and security firm GoPlus, say that history makes it harder to argue the protocol has no ability to intervene. At the same time, the case has exposed unresolved questions around who decides which addresses are malicious, how lists are maintained, and how legitimate users can be protected from false positives.

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Bitget’s $387.5 million hack puts THORChain at the center of a censorship dispute