Bitget CEO criticizes THORChain for inconsistent response to hacks

Bitget: Bitget is a major cryptocurrency exchange focused on spot and derivatives trading with a global user base. In the context of the recent security breach, its leadership has prioritized vulnerability remediation, phased service restoration, and coordination with external protocols and security firms to address unauthorized fund movements. THORChain: THORChain is a decentralized cross-chain liquidity protocol enabling permissionless asset swaps across blockchains. It declined Bitget's formal request to refuse services to specific public addresses linked to the exchange incident, reiterating that its emergency network halts are for protocol protection rather than selective fund freezes or censorship. Gracy Chen: Gracy Chen serves as CEO of Bitget and has taken a public role in communicating details of the exchange's security response. She initiated direct outreach to THORChain requesting action on tracked hacker addresses and highlighted perceived inconsistencies in the protocol's handling of similar past events involving its own funds. Protocol Policy: THORChain has stated that its permissionless architecture, like that of Bitcoin or Ethereum, does not support selective address blocking or censorship of known stolen funds. Industry Response: Bitget has resumed phased withdrawals across multiple networks after addressing the backend vulnerability and is collaborating with security partners on tracing and recovery efforts. Alternative Approaches: Projects like NEAR Intents have demonstrated the ability to layer additional KYT mechanisms on permissionless blockchains to help flag or interrupt suspicious fund flows without altering core protocol rules.