THORChain Faces Backlash Over Decentralized Model in Bitget Security Incident

THORChain's decentralized model is facing criticism after it was used to launder funds from a recent security incident on Bitget. The exchange's CEO, Gracy Chen, publicly listed and tracked the attacker's addresses and asked THORChain to refuse service to these addresses.

In response, THORChain emphasized its decentralized nature, stating that it is permissionless like Bitcoin, Ethereum, and BNB Chain. However, OKX founder Mingxing Xu argued that THORChain should not be compared directly with these base-layer consensus protocols, as it uses Threshold Signature Scheme (TSS) vaults to control transactions.

Despite the criticism, THORChain's native token RUNE saw a 15.8% hike in value over the past 24 hours, trading at $0.7908 at press time.