Bitget Hacker Swaps $6.3M in Ether for Bitcoin Through THORChain

A hacker linked to the Bitget exchange breach has successfully exchanged approximately $6.3 million in ether for bitcoin through THORChain, a decentralized cryptocurrency swap network.

The transactions were made on Monday between 03:55 and 06:23 UTC from an Ethereum wallet identified by blockchain tracker Lookonchain as part of the attacker's activity.

THORChain allows users to exchange assets across different blockchains without needing an account at a centralized exchange, making it difficult for exchanges like Bitget to track and block stolen funds.

In response to the breach, Bitget CEO Gracy Chen publicly asked THORChain over the weekend to refuse transactions from the attacker's addresses, stating that decentralization is not a shield for facilitating known stolen funds.