Crypto
Bitget Hacker Exploits THORChain, Converts $6M ETH to BTC
A hacker linked to the Bitget exchange exploited THORChain's decentralized swap service on Monday, converting approximately $6.3 million in Ethereum (ETH) into Bitcoin (BTC).
The attack occurred despite Bitget's request for THORChain to block publicly identified attacker addresses and offer a 5% bounty for recovering or freezing stolen funds.
THORChain rejected selective blacklisting, citing its policy of allowing anyone to use the network. The emergency shutdown controls used in May after an attacker stole $10.7 million from one of THORChain's own vaults would also interrupt other users' transactions on affected routes.