THORChain’s decentralized model faces backlash – ‘The industry is watching’

UNCLASSIFIEDTHORChain’s decentralizedmodel faces backlash – ‘Theindustry is watching’34IMPORTANCECLOSED2NEWS MEDIA2PIECESSep 27, 2026 10:31blockboard.net

THORChain came under scrutiny after funds tied to the Bitget breach were said to move through its cross-chain infrastructure. Bitget’s CEO then pressed THORChain to block addresses linked to the September 24 breach, while THORChain said its emergency controls cannot freeze individual wallets or swaps. The dispute put the protocol’s response model and its limits in public view.

Share on X Share on Telegram Share on Reddit Share on WhatsApp

What this rests on

Claim by claim, with its source
✓
Funds tied to the Bitget hack were reported to have moved through THORChain’s cross-chain infrastructure, and the protocol drew growing scrutiny afterward.
THORChain’s decentralized model faces backlash – ‘The industry is watching’
✓
The Bitget CEO’s criticism focused on THORChain’s response to hacks and the gap between decentralization principles and regulatory pressure.
Bitget CEO criticizes THORChain for inconsistent response to hacks
✓
Gracy Chen called on THORChain to block addresses connected to Bitget’s September 24 breach.
Bitget CEO Challenges THORChain After $387.5 Million Wallet Breach
✓
THORChain said its emergency controls cannot freeze individual wallets or swaps.
Bitget CEO Challenges THORChain After $387.5 Million Wallet Breach

What it means

Who it affects, what changes and what is still unconfirmed

Each sentence links inside to the piece that supports it.

Bitget customers and THORChain users are the people most likely to notice this immediately, because the dispute centers on whether addresses tied to the September 24 breach can be blocked and whether funds can move through the protocol. The question is visible today in how the protocol is being asked to respond, while its stated controls remain limited to what they can and cannot freeze.

In practice, THORChain’s response options appear narrower than a wallet-freeze model, since it says its emergency controls cannot freeze individual wallets or swaps. What changes is the public expectation around protocol accountability, while what stays the same is that THORChain continues to operate as a cross-chain infrastructure with decentralized controls.

Market reaction

BG Bitget Token the event is about this asset from 2 h before to 4 h after the line marks the first headline
published
-0.49 % before publication
+0.98 % after
$2price at publication
12series points

How the story was built

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Sep 27 10:30
+2 d 4 h
Sep 29 15:09
Crypto Briefing context
Its angle: decentralization, accountability, inconsistent

Has this happened before?

WhenWhat happenedFigure
21 days ago Bitget Raises Hack Estimate To $387.5 Million As Token Accounting Widens event 3 actors in common · 27 news media
21 days ago Bitget hacker withdraws $1.23M from Binance, funnels funds to attacker-controlled wallet event 2 actors in common · 2 news media
21 days ago Bitget Will Reopen Bitcoin Withdrawals Sept. 28 After Security Incident event 2 actors in common · 3 news media
21 days ago Bitget Fixes Vulnerability After Security Incident Reaches $387.5 Million event 2 actors in common · 4 news media
21 days ago Circle Freezes 100,000 USD Coin (USDC) Linked to Bitget Theft event 2 actors in common · 5 news media