Bitget asks THORChain to deny service to addresses tied to $387.5M breach

What happened

Bitget CEO Gracy Chen publicly asked THORChain to block transactions tied to an exploit that took about $387.5 million from Bitget wallets. Circle and Tether already stopped nearly $318,000 in stablecoin movement linked to the hack on Friday, September 25.

Confirmed

Global impact / market context

If THORChain agrees, it could freeze some stolen funds, but it also raises questions about whether a decentralized exchange should block wallets. If it refuses, Bitget may struggle to recover assets, which affects user confidence and future security spending.

Analyst inference

This shows exchanges and stablecoin issuers can quickly freeze some money after a hack, which means stolen funds increasingly face blocking. That may push attackers toward privacy tools or assets without a central issuer, changing where risk sits.

Analyst inference

What to watch

1. Watch whether THORChain publicly responds to Bitget's request and whether it blocks the addresses. A refusal would show the limits of asking a decentralized service for help. Confirmed
2. Watch whether Bitget announces new wallet security measures or reimbursement plans for affected users. Such steps would signal how much the exchange expects to recover and how it manages customer trust. Proposed
3. Watch for more stablecoin freezes or blockchain tracing tied to the hack. Each freeze reduces the stolen money attackers can move and may push them toward less traceable assets. Analyst inference

Affected assets

• USDT — Tether

Evidence

• cryptopolitan.com