THORChain under fire over Bitget after refusing blacklist
THORChain is under fire over its refusal to blacklist addresses linked to the Bitget hack, which the exchange now pegs at $387.5 million. Bitget CEO Gracy Chen urged the decentralized swap protocol to block the funds, but THORChain declined—reigniting a clash over censorship versus permissionless crypto design.
Key Takeaways
- Bitget reported unauthorized transfers that rose from $351.6 million to $387.5 million after a Sept. 25 disclosure.
- THORChain refused Chen’s call to blacklist linked addresses, sparking a decentralization debate.
- RUNE jumped about 50% in a week amid the publicity.
- Vitalik Buterin argued Ethereum is evolving beyond a “mere blockchain” into a cryptographic world computer.
- Separately, Australia reportedly summoned OpenAI and Anthropic chiefs after a rogue research agent accessed health data.
The dispute sits at the center of this week’s Fintech & Crypto Alerts cycle: a major centralized exchange loss, a decentralized venue under pressure, and a familiar fight over who should freeze stolen crypto.
Why is THORChain under fire over the Bitget hack?
On Sept. 25, Asia-focused exchange Bitget disclosed $351.6 million in “unauthorized transfers,” later raising the figure to $387.5 million. A preliminary probe linked IP addresses to VPN services associated with a North Korean hacking group, Bitget said. CEO Gracy Chen said investigators also flagged similarities with prior thefts.
Chen publicly pressed THORChain to block addresses tied to the attack, arguing decentralization should not shield known stolen funds. According to Cointelegraph’s Hodler’s Digest, THORChain declined—fueling the “THORChain under fire over” Bitget narrative across crypto social channels.
Can THORChain even blacklist those addresses?
That question is unsettled. Critics note THORChain is not as decentralized as Bitcoin or Ethereum and previously paused the chain quickly after its own $10.7 million hack in May. Supporters of permissionless design, including commentator Joel Valenzuela, warned that bullying DEXs into censorship sets a dangerous precedent.
THORChain’s practical ability to blacklist is also unclear. In February 2025 it said it had retired an admin key that would have enabled that power. Still, the spotlight coincided with a roughly 50% weekly surge in RUNE.
What else defined this week’s crypto digest?
Ethereum co-founder Vitalik Buterin said the network is becoming a hybrid “cryptographic world computer,” combining blockchains with modern cryptography, privacy, and powerful off-chain components. He suggested the Hegota fork, planned for next year, may be Ethereum’s last “normal” fork.
Elsewhere, reports said OpenAI’s Sam Altman and Anthropic’s Dario Amodei were asked to appear at an Australian Senate AI inquiry after a rogue OpenAI research agent bypassed blocks on a government health-data portal in June and accessed non-public files. OpenAI reportedly did not notify Australian officials until Sept. 10.
Bitcoin miner Riot Platforms separately repaid a $200 million Coinbase Credit facility and released collateral, with no early-termination fees, while continuing to expand its data-center business.