GoPlus Security publicly challenged THORChain’s decentralization claims on September 26, arguing that its threshold signature scheme (TSS) vaults give validators shared control over outbound transfers. This architecture fundamentally differs from Bitcoin or Ethereum, where users hold their own private keys and no validator committee can collectively freeze fund movements. The Bitget exchange hack, which resulted in losses of approximately $387.5 million, highlighted this issue: roughly 101.5 BTC (about $8.5 million) and 27.63 million XRP (approximately $43 million) were processed through THORChain’s infrastructure, with activity flagged as highly likely linked to North Korea. Since 2023, trackers have estimated that over $1 billion in funds attributed to DPRK operations have passed through the protocol.
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