Bitget Suffers $388 Million Breach, THORChain Denies Request to Block Transactions
- Crypto exchange Bitget lost approximately $388 million in a breach on September 24.
- The attacker bypassed security controls protecting the exchange’s wallets, with the method of access remaining undisclosed.
- Bitget has identified and fixed the vulnerability and is offering a 5% bounty for efforts to recover stolen funds.
- CEO Gracy Chen urged THORChain to refuse transactions from known attacker addresses.
- THORChain responded by defending its policy of allowing open network access and clarified that halting operations is not equivalent to blocking specific addresses.
The breach at Bitget highlights vulnerabilities in crypto exchanges, with significant financial losses prompting calls for enhanced security measures. The situation illustrates the ongoing challenges of managing stolen funds within decentralized networks.
As Bitget deals with a loss of $388 million, its request for THORChain to block transactions from the attacker was denied, emphasizing the complexities of decentralization in cryptocurrency management. (Source)
