Bitget Hacker Swaps Stolen Assets as THORChain Rejects Blocking Request Bitget's (@bitget) hacker is swapping stolen ETH for BTC through THORChain following the $387.5 million breach, per Lookonchain. Bitget CEO Gracy Chen had urged THORChain to block addresses linked to the

What happened

After a $387.5 million breach, Bitget's hacker is swapping stolen ETH for BTC through THORChain, according to Lookonchain. Bitget CEO Gracy Chen had urged THORChain to block addresses linked to the incident, but THORChain rejected that request.

Confirmed

Global impact / market context

This matters because stolen ETH being converted into BTC can make the funds harder to trace and freeze. THORChain's refusal to block addresses also shows that decentralized swapping services may not cooperate with exchanges trying to stop hackers from moving stolen crypto.

Analyst inference

The breach and ongoing swaps highlight how hackers use cross-chain tools to move stolen assets between ETH and BTC. For investors, this can raise concerns about exchange security and whether decentralized services can be used to launder stolen coins.

Analyst inference

What to watch

1. Lookonchain reported that the Bitget hacker is swapping stolen ETH for BTC through THORChain after the $387.5 million breach. Confirmed
2. THORChain could face calls to reconsider its policy on blocking addresses, which would affect how decentralized swapping services handle flagged funds. Proposed
3. Investors may watch whether exchanges or authorities trace the swapped BTC, which could affect confidence in exchange security and cross-chain swapping services. Analyst inference

Affected assets

• ETH — Ethereum
• BTC — Bitcoin

Evidence

• x.com