Hackers stole $387,5 million from the Bitget exchange on September 24. The attackers are currently using the THORChain protocol to convert stolen assets into Bitcoin. Bitget CEO Gracy Chen requested that THORChain block the hacker wallets, which are publicly tracked, but the protocol team refused to intervene.
THORChain stated that it operates as a permissionless network, similar to Bitcoin or Ethereum, and does not monitor or block specific transactions. The team questioned what responsibility base blockchains should bear for handling illicit funds. This stance has drawn criticism from industry figures, including OKX founder Star Xu.
Critics point out that THORChain has previously halted operations to protect its own assets. The network paused a vault in May after a $10 million drain and suspended lending products in January 2025. Researchers also linked the protocol to the movement of over $1 billion in funds from the 2025 Bybit hack.
Bitget maintains a protection fund of $464 million to cover customer losses and plans to resume withdrawals on Monday. The exchange is offering a 5% bounty for assistance in freezing the stolen funds. Despite the controversy, the price of the THORChain RUNE token increased by over 20% in the last 24 hours.
