A Quiet Game of Power in Crypto

THORChain, a network that lets people swap digital coins without needing permission, has become the center of a debate about who really runs it. The project claims that decisions are made by node operators voting together, but recent incidents have shown a single administrator can pause the whole system. In early 2025 users lost more than $200 million when withdrawals were frozen, and a month later the same system moved about $1. 2 billion of stolen funds from a hack in Dubai. The man behind the pseudonym “leena” has said he is not responsible, pointing to a two‑thirds voting rule and the fact that anyone can use the network. He argues that node operators earn fees, so they should act in everyone’s best interest. Yet critics note that the network is still vulnerable to central control, especially when hidden admin keys can override votes. When THORChain faced a hack in 2021, these keys were used to stop the flow of money, but the damage was already done.The debate is not just about one person. The design of THORChain, with permissionless swaps and no real oversight, allows bad actors to launder stolen crypto. Experts say that the protocol’s openness actually makes it easier for thieves to move money around, and some regulators are now considering new rules. Meanwhile, the founder’s public persona has shifted from anonymous to flamboyant, and he has faced threats and criticism for his role. For users who trusted THORChain’s promise of decentralization, the events have been a shock. They now face questions about how much control any single individual or small group truly has, and whether the system can deliver on its promise of safe, permissionless trading.