Bits + Bips

← Bits + Bips29 sep · 1 u 01 min

How the Bitget Hack Reopened Crypto's Fight Over Neutral Infrastructure

How the Bitget Hack Reopened Crypto's Fight Over Neutral Infrastructure29 sep1 u 01 min

Bitget lost $388 million to spoofed transaction data, and THORChain kept routing the funds. The hosts ask what decentralization means if you can stop and don't.

Sponsor

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠⁠⁠⁠1inch.com⁠⁠⁠⁠⁠⁠.

Quick favor: We're deciding what Unchained does next; new shows, stream times, what's worth paying for.⁠ Our listener survey⁠ takes five minutes, it's anonymous, and I read the write-in answers myself. Everyone who takes it can enter a drawing for a free year of Unchained Premium or Bits + Bips Premium. Open through Sunday, October 18.

— Laura

👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.

🔥 Apple Podcasts - ⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠⁠⁠⁠ 

🔥 YouTube - ⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠⁠⁠⁠ 

🔥 Spotify - ⁠⁠⁠⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠⁠⁠⁠ 

🔥 X - ⁠⁠⁠⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠⁠⁠⁠ 

🔥 Unchained - ⁠⁠⁠⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠⁠⁠⁠

Attackers took roughly $388 million from Bitget without touching a private key, spoofing transaction data so the exchange's own approval process signed off on the withdrawals. Then the stolen ETH kept swapping into Bitcoin through THORChain, which declined to block the addresses.