Debate Ignited Over THORChain’s Handling of Stolen Funds Post-Bitget Hack
- On September 24, Bitget was hacked, resulting in the theft of $387.5 million.
- THORChain refused to block transactions linked to the stolen funds, citing its commitment to permissionless technology.
- NEAR Intents intervened to block over $50 million in attempted flows related to the hack, stopping $503,000 during execution.
- THORChain previously halted its operations in May after a security incident that drained over $10 million from its vaults.
- Critics argue NEAR’s intervention undermines its permissionless claim, while supporters defend it as necessary for financial integrity.
The debate highlights differing philosophies on handling illicit funds within decentralized protocols. While THORChain maintains a strict non-intervention policy, NEAR Intents has implemented measures to protect against money laundering and enhance security.
This ongoing discussion raises questions about the balance between decentralization and the responsibility of protocols in preventing the movement of stolen assets, as seen with Bitget’s significant loss.(Source)
