THORChain refuses to block hacker as $6M in ETH converted to Bitcoin

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Decentralized exchange THORChain declined a request from crypto exchange Bitget to block wallet addresses linked to a major theft. The hacker successfully executed 27 swaps, converting approximately 2,390 ETH into 75.2 BTC, valued at around $6 million. Bitget had urged THORChain to intervene following a $387.5 million theft tied to those addresses. THORChain's refusal highlights the tension between decentralization principles and the need to prevent illicit fund movements in crypto. The incident raises fresh questions about accountability and compliance obligations for decentralized protocols.

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