Bitget’s $387 million stolen funds routed through THORChain as hackers swap BNB, TRX and XRP into BTC
AI Market Summary
On-chain tracking suggests ~$387M stolen from Bitget is being fragmented and routed through THORChain to swap BNB/TRX/XRP into BTC, echoing prior large-scale laundering patterns seen in the Bybit and KelpDAO hacks. Public pressure on THORChain to block flagged addresses raises censorship, compliance, and protocol-risk questions. The episode can weigh on crypto risk appetite and increase scrutiny of cross-chain liquidity venues.
Impact level
● High
Affected assets
BTC/USDT+0.53%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Bitget has been hit by the theft of about $387 million in assets, and on-chain tracking shows some of the stolen BNB, TRX and XRP is being split up and sent through THORChain to be exchanged into BTC. Security firm SlowMist said the tactic closely mirrors the 2025 Bybit $1.46 billion theft and the April 2026 KelpDAO theft of nearly $300 million, in which hackers used THORChain to launder assets. Bitget CEO Gracy Chen has publicly urged THORChain to deny service to attack addresses that have already been widely tagged. THORChain has also collected sizable fee revenue during these swaps.
