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Crypto

THORChain Allows Stolen Funds to Enter Bitcoin

Guavy AI Editorial Team
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THORChain, a cross-chain liquidity network, has refused to block wallets linked to the Bitget hack. The $387.5 million theft occurred on September 24, with some of the stolen funds being converted into Bitcoin through THORChain.

Bitget CEO Gracy Chen asked THORChain to reject the hackers' publicly tracked wallets, but the network processed a flagged cross-chain swap and produced Bitcoin that no company can freeze.

THORChain's open design allows users to exchange one coin for another across different blockchains without an identity check. Once the output asset is Bitcoin, the receiving address is controlled by its owner, not by a company that can reverse the transfer.

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