hack or exploit

Bitget Got Hacked. Why Is THORChain on Trial?

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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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Key claims & sources

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The Bitget hack put THORChain’s permissionless design under scrutiny as the industry debated censorship and control over stolen funds.
Bitget Got Hacked. Why Is THORChain on Trial?
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The case also revived the question of why the same demand is not being made of the blockchains that carried the stolen funds.
Bitget’s hack exposes a double standard on stolen funds
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Bitget said it replenished its Protection Fund to more than $300 million after the Sept. 24 security incident.
Bitget Replenishes Protection Fund to $300M+, Ahead of Schedule
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A crypto lawyer said THORChain would not, or could not, block addresses linked to the Bitget hack and said possible prosecution of its developers for money laundering was complicated.
Could THORChain face prosecution over stolen Bitget funds?
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Bitget reported an estimated $388 million impact from the Sept. 24 incident and said phased withdrawals were scheduled to resume while customer claims stayed under review.
Bitget Restores Protection Fund Above $300 Million After Breach
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Bitget said it had frozen about $1.1 million and expected only limited recovery from the $387.5 million hack, while withdrawals for the remaining cryptocurrencies were set to resume on Friday.
Bitget CEO Says Exchange Expects Limited Recovery From $387.5 Million Hack
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BlockSec traced the $387.5 million theft into Bitcoin, THORChain and CoinJoin, and said only about $840,000 had been publicly frozen.
Bitget hack: Where did the stolen $387M go?
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Chainalysis linked most of the stolen XRP from the $387 million Bitget hack to North Korea and said the theft pushed North Korea-linked crypto thefts above $1 billion in 2026.
Chainalysis Links $387 Million Bitget Hack to North Korea

What it means

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.

Market reaction i

Bitget TokenBGB it is the asset of the company or protocol in the event
first headline
0.0% 2 h before
-0.5% 4 h after
$1.99price at publication
12data points

Coverage timeline

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 29 12:06
BSC News scoop
Breaks the event
+1 h 30 m
Sep 29 13:36
crypto.news context
Its angle: blockchains, standard, carrying
+22 h 54 m
Sep 30 11:00
+1 d 1 h
Sep 30 13:30
Cointelegraph adds
Sharpens the figure: $387.5M, with quotes
+1 d 13 h
Oct 1 01:50
BitPinas echo
No new facts: emergency, breach, days
+2 d 20 h
Oct 2 08:46
crypto.news adds
Sharpens the figure: $387M
+3 d 1 h
Oct 2 13:30
Cointelegraph adds
Sharpens the figure: $387.7M; brings into the story: NEAR, with quotes
+3 d 4 h
Oct 2 16:10
The Defiant adds
Adds $1B, with quotes
+3 d 4 h
Oct 2 16:24
+4 d
Oct 3 13:00
BeInCrypto adds
Adds $2B, with quotes

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