THORChain Rejects Bitget Plea as $6.3 Million Moves to Bitcoin
Twenty-seven swaps converted about 2,390 Ether into 75.2 Bitcoin after Bitget’s Sept. 24 breach, which the exchange valued at $387.5 million.
THORChain declined Bitget’s request to block wallets linked to the exchange’s Sept. 24 breach as 27 swaps converted about 2,390 Ether (ETH) into 75.2 Bitcoin (BTC), worth roughly $6.3 million at the time.
The swaps were submitted between about 11:55 p.m. Sept. 27 and 2:23 a.m. Sept. 28 ET (03:55–06:23 UTC), with the Bitcoin sent to one address. Four additional swaps involving about 400 ETH were listed as pending.
Bitget said approximately $387.5 million in assets had moved to attacker-controlled addresses as of Sept. 25 at 10:05 a.m. ET (14:05 UTC), revising an earlier estimate of $351.6 million. The exchange listed addresses across Ethereum-compatible networks, the XRP Ledger, Zcash and TRON, and offered a 5% bounty for eligible efforts to freeze or recover funds.
Bitget CEO Gracy Chen asked THORChain to refuse service to the listed addresses. THORChain’s controls can halt broader trading or activity involving a blockchain, but they do not provide a selective freeze for a single address or swap. The protocol enables cross-chain asset swaps without requiring users to open an exchange account.
