Crypto
THORChain Refuses to Block Stolen Crypto Amid $387.5 Million Bitget Hack
Bitget, a cryptocurrency exchange, suffered a massive security breach resulting in losses of approximately $387.5 million.
The attack compromised various assets on Ethereum, EVM networks, XRP Ledger, Zcash, and TRON, with stolen tokens including XRP, ETH, USDT, ZEC, USDC, BNB, AVAX, and TRX.
Bitget CEO Gracy Chen asked THORChain to block addresses linked to the attacker, but the protocol refused, citing its permissionless design that does not allow for selective freezing of individual addresses.
THORChain supporters argue that validators collectively control vaults and sign outbound transactions through a threshold signature system, unlike Bitcoin and Ethereum, which have users holding their own private keys.