Bitget Challenges THORChain Over Handling of $387.5 Million Breach

Bitget CEO Gracy Chen is challenging THORChain's handling of the $387.5 million security breach that occurred on September 24th. The exchange detected unauthorized transfers at 2:31 p.m. ET and initially estimated affected assets to be around $351.6 million, but later revised this figure after discovering additional losses.

Chen has requested that THORChain block the identified attacker addresses, citing a need for targeted restrictions on wallets linked to stolen funds. However, THORChain maintains that its emergency controls cannot selectively freeze an address or individual swap, and instead applies broadly to the network as a whole.

The protocol's stance is rooted in its design principle of decentralization, which does not permit selective control over individual funds. Chen responded by saying 'Decentralization is a design principle, not a shield for facilitating known stolen funds.'