Bitget Seeks THORChain Intervention Over $387.5 Million Security Incident
Bitget's CEO Gracy Chen has asked THORChain to block transactions from addresses linked to the exchange's security incident on September 24, which Bitget now values at approximately $387.5 million.
The unauthorized transfers began at 2:31 p.m. ET (18:31 UTC) and affected various assets including XRP, Ether, Tether, Zcash, USD Coin, USDT0, Tether Gold, BNB, Avalanche, and TRON.
Bitget initially estimated the affected assets at $351.6 million but later raised the figure after adding assets held on Zcash and TRON. Chen said the request to THORChain 'is not about stifling decentralization' but rather ensuring that stolen funds are not facilitated by the protocol.
The request is in line with Bitget's own User Protection Fund, which held more than $464 million when the incident was announced.