Bitget Got Hacked. Why Is THORChain on Trial?
Bitget restored its protection fund to more than $300 million after the Sept. 24 security incident and said remaining cryptocurrency withdrawals were set to resume. Onchain tracing and blockchain-analytics coverage linked the stolen XRP and related movements to THORChain and to North Korea-linked activity, while the debate around THORChain centered on whether permissionless systems can or should block stolen funds.
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Bitget customers and traders are the first group to notice this change, because the exchange said withdrawals for remaining cryptocurrencies were set to restart while customer claims were still under review. Regulators and security teams in the sector also see a larger case for attention, since the stolen XRP was linked to North Korea and the theft moved through THORChain and CoinJoin.
In practice, the case changes what can be expected from THORChain and similar systems: one lawyer said THORChain would not, or could not, block the linked addresses, so the network kept operating as a permissionless system. What also stayed in place was the onchain routing of the stolen funds, which BlockSec traced across Bitcoin, THORChain and CoinJoin.
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BSC News
Bitget
Cointelegraph
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BitPinas
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Cointelegraph
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Crypto Briefing
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BeInCrypto
Thefts of a similar size
| When | What happened | Figure |
|---|---|---|
| 3.9 years ago | FTX · Phishing incident | $450M |
| 5.8 years ago | OneCoin · Scam incident | $440M |
| 23 days ago | Bitget incident | $351.6M |
| 4.7 years ago | Portal · Signature Verification Flaw incident | $326M |
| 41 days ago | Liquid Network incident | $320M |
4197 incidents stored · 20 were as large as this one or larger ($387M)
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