In the blue corner: centralized finance, sweating nervously. In the red corner: decentralized protocols, looking smug and slightly disheveled. Welcome to another round of “Who’s to Blame for the Latest Crypto Fiasco?” 😅
Our story begins with ZachXBT, the Sherlock Holmes of blockchain (minus the pipe, plus a Twitter account), who claims that over 188 Bitcoin—yes, that’s enough to buy a small island or a really nice sandwich in Manhattan—were spirited away from Coinbase users and laundered through THORChain, a permissionless protocol that’s about as judgmental as a goldfish.
Bitcoin Swaps and the Social Media Meltdown
The drama escalated when ZachXBT took to X (formerly known as Twitter, but still just as full of hot takes) to declare that the BTC from the Coinbase breach had been swapped for ETH on THORChain. In true internet fashion, he didn’t mince words:
“You do realize all of the BTC originates from one of the Coinbase user thefts from the Coinbase breach right?” ZachXBT asked THORChain, presumably while sipping tea and raising an eyebrow.
As if that wasn’t spicy enough, ZachXBT claims the hacker decided to troll him with an on-chain message. Because nothing says “catch me if you can” like taunting your pursuer in public.
“The threat actor who stole $300 million+ from Coinbase users by paying customer support just began trolling me onchain with this message after swapping $42.5 million+ from BTC to ETH via Thorchain today,” ZachXBT wrote on Telegram, probably while resisting the urge to flip a table.
Don’t Shoot the Messenger (or the Protocol)
The THORChain community, meanwhile, is having none of it. Their stance? “We’re just the pipes, mate.” They argue that once BTC hits their protocol, it’s just another coin in the fountain—no questions asked, no eyebrows raised. If you want accountability, look at centralized exchanges and their password123 security policies.
One developer, JP, summed it up with all the subtlety of a sledgehammer:
“Once the BTC hits the chain it’s ‘just BTC’ and THORChain should have no regard for where and how it came from. Stop trying to make BTC non-fungible,” JP declared, possibly while wearing sunglasses indoors.
Supporters insist that decentralized protocols are here to swap coins, not play detective. The real lesson? Centralized exchanges are soft targets; DeFi is just really good plumbing.
The debate rages on: Should THORChain pop champagne every time a whale-sized swap goes through—even if it’s courtesy of a hacker? One voice on X tried to clarify:
“I don’t think ZachXBT is calling THORChain to censor. But he is calling the THORChain community to NOT celebrate large swaps from exploiters. I know NONE in the community who celebrates exploiters. NONE. Instead, they are celebrating the existence of infra which can process such large swaps, in a decentralized and permissionless way,” X user SamYap said, probably while dodging flying popcorn.
So next time you see a massive crypto swap and a Twitter storm brewing, remember: in DeFi, everyone’s invited—saints, sinners, and sarcastic blockchain detectives alike. 🍿
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2025-05-22 11:16