Bitget Hackers Utilize THORChain for Cross-Chain Fund Movement

Attackers behind the $387.5 million Bitget breach used THORChain to convert approximately $6.3 million in ETH into 75.2 BTC. The hackers executed 27 swaps to move funds directly between Ethereum and Bitcoin without using centralized exchanges. THORChain's permissionless, cross-chain architecture, which facilitates native-asset swaps, prevented the protocol from blocking the attacker's addresses, highlighting the trade-offs between decentralized liquidity and security intervention.