Thorchain Faces Criticism Amid Bitget Hack and Bybit Controversy
- Hackers stole $387.5 million from Bitget on Sept. 24, using Thorchain to move the funds.
- OKX founder Star Xu criticized Thorchain’s decentralization, citing its ability to pause operations.
- Dashpay’s Joel Valenzuela opposed Gracy Chen’s request for Thorchain to block hacker wallets.
- Thorchain previously facilitated $1.2 billion in stolen funds after a Bybit hack in February.
The recent hack on Bitget has reignited debates over the role of decentralized platforms like Thorchain in handling illicit transactions. While some argue that true decentralization means non-intervention, others point out inconsistencies in Thorchain’s past actions when its own assets were at risk.
The controversy highlights ongoing tensions between maintaining decentralization and protecting users from significant financial losses, as seen with the $387.5 million stolen from Bitget and previous incidents involving Bitcoin and Ethereum. (Source)
