Digital Assets Watch: Bitget CEO Wants Thorchain to Block Hackers, but There’s a Catch

Latest reporting indicates that on Saturday, two days after Bitget was hacked, CEO Gracy Chen publicly asked Thorchain to cut off the hackers who drained hundreds of millions from her venue this week.

“Decentralization is a design principle, not a shield for facilitating known stolen funds,” the Bitget executive insisted.

Two days ago, Bitcoin.com News reported on the Bitget hack, and at the time, the trading platform 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.

In addition to Thorchain, the Bitget hackers are reportedly using Chainflip, Uniswap, 1inch Fusion, Stargate, Across, and Relay, to name a few.