Bitget Demands THORChain Block Hacker Addresses Linked to $387.5 Million Hack

Bitget CEO Gracy Chen has asked THORChain to block hacker addresses linked to its recent hack, but THORChain is pushing back. According to Chen, approximately $387.5 million in assets were transferred to attacker-controlled addresses during the September 24 incident.

THORChain's permissionless design allows any user to access its cross-chain swaps, which has raised questions about the protocol's responsibility for handling known stolen funds. Bitget has published a live attacker-address API and is offering bounties of 5% of eligible successfully frozen funds and 5% of eligible successfully recovered funds.

The issue has sparked a debate over network controls, with OKX founder and CEO Star Xu arguing that THORChain's validators collectively control assets held in vaults through a threshold-signature system. This requires multiple participants to authorize transactions, but Xu claims it does not eliminate the intermediary.