Circle and Tether Step in to Freeze Hacker Wallet After Massive Bitget Crypto Heist
Circle and Tether froze stablecoins tied to the $351.6 million Bitget hack, while other exploiter wallets still hold more than 63,000 ETH, trackers said.
- On Friday, Circle and Tether froze stablecoins in a wallet linked to Thursday's $351.6 million Bitget hack, with Circle blacklisting the address labeled "Bitget Exploiter 8" by Etherscan at 05:00 UTC.
- Bitget CEO Gracy Chen reported that attackers compromised backend systems on Thursday, spoofed transaction data, and triggered authorization processes to move funds directly without withdrawal requests.
- Roughly $318,000 in stablecoins remains stuck after Circle and Tether's freeze, while MistTrack noted other exploiter addresses hold more than 63,000 ETH that no issuer can freeze.
- Bitget CEO Chen confirmed the exchange's user protection fund, holding over $464 million, covers the loss as the platform suspended withdrawals while engineers completed repairs.
- Security researcher Taylor Monahan questioned why funds remained movable despite Circle's ability to freeze addresses, while Circle maintains its policy requires lawful authority before blocking assets.
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Bitget hacker swaps USDC for ETH as Circle faces renewed freeze questions
The Bitget hacker has converted stolen USDC into ETH after a breach that the exchange valued at about $351.6 million, renewing questions about when Circle freezes funds linked to an attack. Security researcher Taylor Monahan flagged the attacker’s activity on…
Circle and Tether freeze $318K of Bitget hack funds as $387.5M slips away
On Friday (September 25), Circle and Tether stopped nearly $318,000 in stablecoins related to the hack of the Bitget exchange, but by then most of the $387.5 million stolen in the hack had already left. This shows the usefulness, as well as the limits of asset freezes: they only work until the attackers transfer the...
Bitget's hack, which caused the unauthorized exit of approximately $387.5 million in cryptocurrencies, already has a first direct response from two of the main issuers of stablecoins. Circle and Tether blocked assets linked to one of the wallets identified as part of the attack, although the measure affects only one [...] The Circle and Tether input freeze funds linked to Bitget's hack was first published in Cryptoreport.
Circle and Tether froze $318,000 worth of stablecoins linked to the Bitget hack; however, most of the stolen funds had been converted into Ethereum (ETH), which could not be frozen.
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