Bitget CEO Wants Thorchain to Block Hackers, but There's a Catch

Key Takeaways

• Bitget’s hack is larger than first reported, with the exchange now putting the damage at $387.5 million.
• Gracy Chen wants Thorchain to cut off the hackers as they shuffle stolen funds into bitcoin.
• Thorchain faced a similar fight after the Bybit hack, and its validators weren’t willing to block the moving funds.

Bitget’s Hack Climbs to $387.5 Million as CEO Gracy Chen Calls on Thorchain to Block Hackers

Two days ago, Bitcoin.com News reported on the Bitget hack, and at the time, the exchange said hackers stole around $351 million. That estimate has been increased since then, and Bitget now estimates that “approximately $387.5 million were transferred to attacker-controlled addresses.” Bitget’s attacker has been moving stolen funds and leveraging a few different rails, including Thorchain.

Thorchain is essentially a decentralized network that allows people to swap different crypto assets across different blockchain networks, like swapping BTC for ETH. This weekend, several reports say that tens of millions in XRP have been deposited into Thorchain vaults, and another stash of tens of millions has already been swapped for BTC. The bitcoin is then peeled and hopped across a myriad of bitcoin addresses.