Bitget Hacker Swaps $6.3 Million in Ether for Bitcoin as THORChain Rejects Freeze Request

A wallet tied to the Bitget security breach has converted approximately 2,390 ETH ($6.3 million) into 75.2 BTC using decentralized cross-chain protocol THORChain. The conversions proceeded after THORChain rejected a request from Bitget CEO Gracy Chen to freeze or blacklist attacker addresses, citing its permissionless architecture. Bitget suffered an exploit on September 24 resulting in an estimated $351.6 million to $387.5 million in stolen assets. Bitget has since commenced a phased reopening of withdrawals starting with Bitcoin and stated its $464 million User Protection Fund will cover user losses.