Debate Erupts Over THORChain’s Response to Bitget Hack
- On September 24, $387.5 million in stolen funds from the Bitget hack began moving across chains.
- THORChain refused to block addresses linked to the attack, sparking a debate on moral obligations in decentralized protocols.
- NEAR Intents intervened, blocking over $50 million in attempted flows related to the incident and stopping $503,000 during execution.
- Critics argue THORChain’s actions contradict its commitment to being permissionless, as it halted operations following a previous exploit that drained over $10 million.
- Bitget CEO Gracy Chen emphasizes the need for protocols to detect and respond to known illicit flows without compromising their permissionless nature.
The contrasting approaches of THORChain and NEAR Intents highlight ongoing tensions between maintaining decentralization and ensuring financial integrity within the cryptocurrency ecosystem.
With NEAR successfully blocking substantial amounts linked to theft while THORChain maintains its stance on permissionlessness, this debate continues to shape industry standards for handling stolen assets. (Source)
