Michael Saylor · OpenAI · Ethereum · North Korea · Bitcoin · Cointelegraph
THORChain under fire over Bitget, ETH evolves beyond blockchain: Hodler’s Digest
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THORChain refuses to blacklist addresses linked to the Bitget hack.
Key facts
- At the end of the week, Bitcoin (BTC) is up 3.8% to trade at $84,222, Ethereum (ETH) is up 3.7% to trade at $2,674 and XRP (XRP) is up 7% to $1.50
- Bitwise’s 39-page investment report NEAR states the “base case” is a price target of $155 by 2030 while the bull case is $562
- The top three altcoin losers of the week are Falcon Finance (FF) which was down 25.3%, MemeCore (M) down 20.3% and Avalanche (AVAX) down 4.5%
- Among the biggest 100 cryptocurrencies, the top three altcoin winners of the week are Quant (QNT) with a 435% gain, Sei (SEI) on 44%, and Artificial Superintelligence Alliance (FED) on 41%
Summary
Stop me if you’ve heard this before: A centralized exchange with lax security gets hacked by the North Koreans for $387.5 million, and then somehow shifts the blame game onto a decentralized exchange for not blacklisting the addresses. While that isn’t firm proof, CEO Gracy Chen said its investigators had flagged other similarities with previous thefts. North Korean hackers were believed to be behind the $1.5 billion Bybit exchange hack, and much of the funds from that attack were then swapped on the decentralized exchange THORChain (which is not a mixer and funds can still be traced after being swapped). Decentralization maxis like Joel Valenzuela said doing so would undermine crypto’s cypherpunk ethos. But THORChain isn’t anywhere near as decentralized as Bitcoin or Ethereum, and it coordinated to quickly pause the chain quickly when it was itself hacked for $10.7 million in May. All publicity is good publicity though and THORChain’s native token RUNE has surged 50% in a week.