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, spoofing transaction data to trigger the authorization process and move funds directly without customer withdrawal requests.
- Roughly $318,000 in stablecoins remains stuck in the frozen wallet, while MistTrack's tracker shows other exploiter addresses still holding more than 63,000 ETH, which no issuer can freeze.
- Bitget CEO Chen confirmed the exchange's $464 million user protection fund covers the loss, as the exchange suspended customer withdrawals while engineers worked on repairs and restoration of services.
- Security researcher Taylor Monahan questioned why funds remained movable despite Circle's ability to block transfers, while Circle maintains its policy requires lawful authority to freeze assets during active exploits.
10 Articles
10 Articles
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 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.
Circle and Tether Freeze Stablecoins Tied to Bitget Hack—But Most Funds Slip Away
The two stablecoin issuers blacklisted a wallet labeled "Bitget Exploiter 8," locking about $318,000 in USDC and USDT—but the attacker swapped most funds into unfreezable ETH before they could act.
Circle and Tether have blocked a wallet related to Bitget's hacking on cryptocurrencies. The two companies have frozen about 318,000 dollars in stablecoin after a $351.6 million theft occurred on Thursday. Circle and Tether key points have frozen about 318,000 dollars in stablecoin from a wallet related to Bitget hacking on cryptocurrencies, which [...]
Reports indicate that Circle and Tether blocked close to $318,000 in stablecoins linked to Bitget hacking. The theft affected $351.6 million and, according to the aforementioned tracking, more than 63,000 ETH remained in other portfolios.
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
