THORChain Refuses Bitget's Request to Block Stolen Funds

Bitget, a cryptocurrency exchange, is seeking to block stolen funds after a $387.5 million wallet breach on September 24. The exchange asked THORChain to refuse addresses linked to the hack, but the protocol responded that its emergency halt was not meant to selectively freeze user swaps.

The two entities are at odds over control: Bitget wants THORChain to intervene, while THORChain argues it's decentralized and permissionless like Bitcoin, Ethereum, and BNB Chain. The exchange claims it will absorb the impact of the breach through its protection fund.

A significant portion of the stolen funds has been frozen by stablecoin issuers Circle and Tether, but only a small fraction of the revised loss amount. Bitget estimates that about 0.082% of the total loss is recoverable due to these freezes.