THORChain Faces Scrutiny Over Role in Laundering Stolen Funds from Bitget Hack
On September 24, Bitget's hot and warm wallets were drained of approximately $387.5 million.
The funds subsequently moved across chains, with BNB, TRX, and XRP being split into smaller amounts and routed through THORChain before being swapped for bitcoin.
Bitget's private keys were not compromised, and its cold wallets remained unaffected. The attackers breached the exchange's backend infrastructure, manipulating transaction data to trick the system into approving transfers.
The attack was detected at 18:31 UTC on September 24 but continued until approximately 21:23, nearly three hours later.
Bitget CEO Gracy Chen pointed out that the attackers' addresses had been made public and were being monitored by security firms and exchanges. She formally requested that THORChain deny service to those addresses, calling it a matter of 'decentralization is not a shield for facilitating known stolen funds.'