Bitget CEO criticizes THORChain for inconsistent response to hacks

Bitget CEO Gracy Chen isn’t buying THORChain’s decentralization defense. After the exchange lost an estimated $387.5 million in a September 24 security breach, Chen asked THORChain to block the addresses funneling stolen funds through its cross-chain protocol. THORChain said no, citing its permissionless design. The hack and the ask The breach hit Bitget on September 24, initially estimated at $351.6 million before investigators traced additional unauthorized transfers across Ethereum, XRP Ledger, Zcash, and TRON. The revised total landed at roughly $387.5 million. Two days later, on September 26, Chen formally requested that THORChain block the attacker’s addresses. The protocol declined on the same day, framing its refusal as a principled stand for decentralization. The 39-day problem In May 2026, THORChain suffered its own exploit. Attackers drained approximately $10.7 million from the protocol’s vaults. THORChain’s response was to halt operations entirely for roughly 39 days while the team addressed the vulnerability and recovered. Chen seized on that contradiction. If THORChain can shut down for over a month when its own funds are at risk, then citing decentralization as the r...