THORChain Rejects Bitget Hack Blacklist as Ethereum Evolves
THORChain is facing criticism after refusing Bitget’s request to blacklist addresses linked to a suspected North Korean hack. Bitget initially reported $351.6 million in unauthorised transfers before raising the estimate to $387.5 million. The dispute has renewed debate over censorship, decentralisation and the responsibilities of permissionless crypto protocols. THORChain’s RUNE token has nevertheless gained about 50% in one week.
Ethereum co-founder Vitalik Buterin said Ethereum is evolving beyond a conventional blockchain into a “cryptographic world computer”. The network’s roadmap includes zero-knowledge proofs, parallel processing, privacy, post-quantum security and decentralised off-chain components. Buterin said the planned Hegota upgrade could be Ethereum’s final “normal” fork. The Ethereum redesign could expand verifiable applications beyond conventional smart-contract finance and support new DeFi use cases.
US Securities and Exchange Commission Commissioner Hester Peirce announced her resignation, effective October 2. She criticised excessive KYC data storage and suggested zero-knowledge proofs could verify user eligibility without exposing personal information.
Bitcoin rose 3.8% during the week to $84,222, while Ethereum gained 3.7% to $2,674 and XRP climbed 7% to $1.50. Total crypto market capitalisation reached $2.88 trillion. QNT was the strongest major altcoin performer, gaining 435%, while NEAR rose 80% after the launch of private perpetual futures trading. Bitwise’s proposed NEAR ETF report projected a base-case 2030 price of $155 and a bullish case of $562, although such forecasts are highly speculative.
Neutral
The overall market tone is mixed, so the expected impact is neutral. Bitcoin, Ethereum and XRP posted weekly gains, while RUNE and several altcoins recorded sharp rallies. These moves may support short-term momentum trading, but some gains—particularly QNT’s 435% rise and NEAR’s 80% increase—also raise the risk of profit-taking and volatility.
The Bitget hack is a negative event for exchange security and could temporarily pressure sentiment toward centralised exchanges and cross-chain liquidity. THORChain’s refusal to blacklist addresses strengthens the censorship-resistance narrative, but it also highlights compliance and reputational risks for permissionless protocols. Similar disputes after major exchange hacks have often produced short-lived token volatility rather than lasting market-wide damage.
Ethereum’s long-term technology roadmap is potentially bullish for ETH and DeFi because zero-knowledge proofs, privacy and off-chain verification could improve scalability and expand applications. However, the benefits are developmental and unlikely to create an immediate price catalyst. Peirce’s support for privacy-preserving KYC may also encourage institutional adoption, although regulatory uncertainty remains. Traders should monitor exchange outflows, ETH network activity, RUNE volume, ETF-related flows and follow-through after the recent altcoin rallies.