Thorchain Faces Heat as Bitget Hack Revives Bybit Controversy

Key Takeaways

• Bitget CEO Gracy Chen wants Thorchain to block the hackers who stole $387.5 million from her exchange on Sept. 24.
• OKX founder Star Xu argues Thorchain isn’t truly decentralized, while Dashpay’s Joel Valenzuela fiercely disagrees.
• Thorchain faces renewed scrutiny after previously facilitating $1.2 billion in stolen funds following Bybit’s 2025 hack.

Thorchain Pushes Back as Crypto Figures Clash Over Chen’s Request

Earlier this week on Sept. 24, hackers attacked the CEX Bitget and managed to steal $387.5 million from the exchange’s coffers. Bitcoin.com News reported on Saturday that the attacker has been leveraging several different rails to move the stolen funds and Thorchain, the decentralized exchange (DEX) service, is one of those vehicles. Chen posted on X and tagged Thorchain’s official account and requested that the platform block the attackers’ wallets.

Thorchain responded by expressing sympathy over the Bitget hack but maintained that its protocol was “decentralized and permissionless like Bitcoin, Ethereum, and BNB Chain.” The X account then posed a pointed question about what responsibility Bitcoin, Ethereum and BNB Chain bear in the matter. Meanwhile, a growing chorus of crypto KOLs has entered the debate, with some siding against Thorchain while others vehemently oppose Chen’s formal request.