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      Bitget CEO Criticizes THORChain's Response to Recent Hack

      Gracy Chen, CEO of cryptocurrency exchange Bitget, has publicly criticized the decentralized protocol THORChain for its inconsistent response to a recent security breach. Following a hack on September 24, 2026, that resulted in an estimated loss of $387.5 million, Chen urged THORChain to block the addresses associated with the theft. However, THORChain declined the request, citing its commitment to a permissionless design.

      The breach initially reported a loss of $351.6 million, but further investigations revealed additional unauthorized transfers across multiple blockchain networks, including Ethereum and TRON. Two days after the attack, Chen's request to block the hacker's addresses was met with refusal from THORChain, which framed its decision as a principled stance on decentralization.

      Chen highlighted a contradiction in THORChain's approach, referencing a previous incident in May 2026 when the protocol halted operations for 39 days after losing approximately $10.7 million in another exploit. This inconsistency raises questions about the principles guiding THORChain's operations, especially when it comes to protecting users from significant financial losses.

      As the debate unfolded, stolen funds continued to flow through THORChain's infrastructure, with one notable transaction involving $6.3 million in Ethereum exchanged for Bitcoin. The incident has drawn attention from regulators worldwide, who are increasingly scrutinizing cross-chain protocols and their potential role in facilitating illicit activities. Chen's criticism may further influence regulatory frameworks concerning accountability in decentralized finance (DeFi).

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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