News
Public · Published
Bitget CEO Wants Thorchain to Block Hackers, but There's a Catch
After Bitget was hacked, CEO Gracy Chen publicly asked Thorchain to block the hackers who drained hundreds of millions from her exchange. She said decentralization is a design principle, not a shield for facilitating known stolen funds.
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What happened
After Bitget was hacked, CEO Gracy Chen publicly asked Thorchain to block the hackers who drained hundreds of millions from her exchange. She said decentralization is a design principle, not a shield for facilitating known stolen funds.
Confirmed
Global impact / market context
This matters because if a decentralized network like Thorchain can block stolen funds on request, it may change how investors view the promise that such systems cannot be controlled or censored by any single party.
Analyst inference
The hack cost Bitget hundreds of millions, which means the exchange lost a huge amount of customer money. Investors may worry that other exchanges or decentralized services face similar risks of theft or pressure to intervene.
Analyst inference
What to watch
- Whether Thorchain responds to Gracy Chen's public request to block the hackers, and whether it takes any action to cut off the stolen funds. Confirmed
- Chen's proposal that decentralization should not shield known stolen funds may push other exchanges to ask decentralized networks for similar blocking help. Proposed
- If Thorchain blocks the funds, investors could reassess whether decentralized finance protocols are truly censorship-resistant, which means unable to be stopped or controlled. Analyst inference