A Quiet Game of Power in Crypto

THORChain, a permissionless network that lets users swap digital coins without intermediaries, has become the focus of a heated debate over who truly governs it. While the project touts a voting system among node operators, recent events reveal that a single administrator can halt the entire protocol.

2025: $200 Million in Frozen Withdrawals

• Early 2025 – Users lost more than $200 million when withdrawals were abruptly frozen.
• One month later – The same system moved about $1.2 billion of stolen funds from a hack in Dubai.

The “leena” Controversy

• Pseudonym: “leena”
• Defense:
• Claims responsibility is shared via a two‑thirds voting rule.
• Argues node operators earn fees and should act in everyone’s best interest.
• Critics:
• Point out hidden admin keys that can override votes.
• Highlight the 2021 hack where these keys stopped money flow but did not prevent damage.