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Executive Summary
- •THORChain is refusing to block wallets tied to a $387.5 million hack on the Bitget exchange.
- •The network's RUNE token surged over 20% despite mounting industry backlash.
- •Competitors are calling out the protocol's hypocrisy after it paused its own network during a $10 million exploit in May.
Community Sentiment
Key Developments & Data
Hackers who stole $387.5 million from the Bitget exchange are actively routing the funds through THORChain to convert them into Bitcoin.
THORChain is refusing requests to block the publicly tracked wallets, arguing that its cross-chain swapping protocol is entirely permissionless.
OKX founder Star Xu slammed the stance, pointing out that THORChain rapidly paused a vault to protect its own capital when roughly $10 million was drained in May.
MistTrack reports this exact routing was used after the $1.46 billion Bybit hack last year, with nearly $1.2 billion traced through THORChain.
Bitget covers affected customers with a $464 million protection fund and is offering a 5% bounty to help freeze the illicit assets.
"Decentralization is a design principle, not a shield for facilitating known stolen funds. The industry is watching." — Gracy Chen
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Zubiqo Strategic Assessment
Primary Impact
Cross-chain liquidity protocols, centralized crypto exchanges, and victims of North Korean state-sponsored cybercrime operations.
Strategic Shift
The escalating ideological and operational clash between pure permissionless decentralization and the institutional demand to halt illicit state-sponsored financial flows.
The Ripple Effect
Major centralized exchanges will likely begin blacklisting direct interactions with THORChain or aggressively pressure US regulators to sanction the protocol directly.
This intelligence assessment is generated by Zubiqo's AI for informational purposes only.
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