THORChain Rejects Bitget's Plea After $6.3M Bitcoin Transfer
THORChain, a decentralized cross-chain liquidity network, rejected Bitget's plea to block wallets linked to its September 24 breach. The move followed a series of swaps that converted about 2,390 Ether (ETH) into 75.2 Bitcoin (BTC), worth roughly $6.3 million at the time.
The swaps were submitted between 11:55 p.m. and 2:23 a.m. ET on September 27-28 (03:55-06:23 UTC). The Bitcoin was sent to one address, while four additional swaps involving about 400 ETH were listed as pending.
Bitget had estimated that approximately $387.5 million in assets had moved to attacker-controlled addresses as of September 25 at 10:05 a.m. ET (14:05 UTC), revising an earlier estimate of $351.6 million. The exchange listed addresses across various blockchain networks, including Ethereum-compatible, XRP Ledger, Zcash, and TRON.
Bitget CEO Gracy Chen asked THORChain to refuse service to the listed addresses, but THORChain's controls do not provide a selective freeze for a single address or swap. The protocol enables cross-chain asset swaps without requiring users to open an exchange account.