Bitget CEO Gracy Chen criticized THORChain for refusing to block hacker addresses after the exchange lost approximately $387.5 million in a September 24 security breach. The decentralized protocol cited its permissionless design to justify the refusal while Bitget sought help to contain the flow of stolen funds. Chen highlighted a major inconsistency: THORChain had previously shut down its own operations for 39 days in May 2026 following an exploit that drained $10.7 million. During the public debate, the attacker continued moving stolen funds through THORChain infrastructure, including a swap of $6.3 million in ETH for roughly 75.2 BTC. This controversy is expected to intensify regulatory pressure on cross-chain protocols, as regulators can use this case to build frameworks around DeFi accountability.
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