Bitget discusses security measures after $388M hack, praises NEAR Intents
Summary
In a recent discussion, Gracy from Bitget emphasized the importance of defining "permissionless" in decentralized finance (DeFi), asserting that it should not equate to neutrality. This statement followed the actions taken by NEAR Intents to freeze stolen funds after hackers exploited a third-party zero-day vulnerability, resulting in a loss of $388 million from Bitget. The incident has sparked ongoing debates within the industry about whether permissionless protocols should actively engage in blocking the laundering of stolen assets, reflecting a broader trend in which major stablecoin issuers and intent protocols collaborate with exchanges to recover lost funds.
Tokens
$BIT$USDT$USDC
Analysis
Bitget: Bitget is a centralized cryptocurrency exchange that offers spot, futures, and other trading services along with custody solutions. In this news, Bitget is the exchange that suffered a large-scale hack via a third-party zero-day exploit, prompting discussions on asset recovery and security measures. Gracy, speaking for the exchange, highlighted its preference for protocols that assist in freezing stolen funds rather than remaining neutral. Circle: Circle issues the USDC stablecoin and maintains compliance tools for freezing assets on supported blockchains. The news references Circle's involvement alongside Tether and NEAR Intents in freezing funds drained from Bitget during the exploit. Tether: Tether issues the USDT stablecoin and operates a network that supports on-chain transfers and compliance actions. In the context of the Bitget hack, Tether joined efforts with other entities to freeze portions of the stolen funds, contributing to recovery initiatives mentioned in the discussion. Gracy Bitget: Gracy Bitget serves as a representative and spokesperson for the Bitget exchange, frequently engaging in industry discussions on security, compliance, and DeFi practices. She participated in the conversation covered by the news, expressing support for protocols like NEAR Intents that refuse to aid in laundering stolen assets and contrasting their approach with others that declined assistance. NEAR Intents: NEAR Intents is a protocol built on the NEAR blockchain focused on intent-based trading and cross-chain interactions that enable users to express desired outcomes. In the reported events, NEAR Intents actively assisted Bitget by helping to freeze stolen funds following the hack, aligning with a stance against facilitating laundering of illicit assets. DeFi Neutrality Debate: Ongoing industry discussions examine whether permissionless protocols should prioritize neutrality or actively support efforts to block the laundering of stolen cryptocurrency. Security Collaboration: Major stablecoin issuers and intent protocols are increasingly coordinating with affected exchanges to freeze and recover assets after hacks.
Categories
cryptoethereumdefihyperliquid