Circle and Tether freeze $318,000 in stablecoins tied to Bitget hack
Circle and Tether have blacklisted a wallet holding roughly $318,000 in USDC and USDT following an exploit of Bitget hot wallets exceeding $350 million.
Stablecoin issuers Circle and Tether blacklisted a wallet labeled "Bitget Exploiter 8," freezing approximately $318,000 in USDC and USDT linked to the Bitget crypto heist.[1][2][3][4]
The frozen stablecoins account for only a small portion of the incident. According to commentator That Martini Guy, more than $350 million was stolen from Bitget's hot wallets, while crypto.news reported the exploit at $352 million. Decrypt and CoinDesk reported that the attacker converted the vast majority of the loot into ether, which cannot be frozen by token issuers.[1][2][3][4]
Key facts
- Circle and Tether blacklisted a wallet holding approximately $318,000 in USDC and USDT linked to the Bitget hack.
- The blacklisted wallet was identified under the label "Bitget Exploiter 8."
- That Martini Guy reported that more than $350 million was stolen from Bitget hot wallets, while crypto.news placed the exploit total at $352 million.
- Most of the stolen assets sit in ether after the attacker swapped funds into the asset, preventing issuers from freezing them.
Sources · 4 sources
- TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Circle and Tether have frozen around $318,000 in USDC and USDT linked to the Bitget hack. The move comes after more than $350M was stolen from Bitget’s hot wallets, with the majority of the stolen funds reportedly sitting in ETH. The stablecoins can be blacklisted and frozen by their issuers, but ETH can’t be frozen in the same way. This is another example of the very different properties of stablecoins compared with decentralised assets like Ethereum. I’ll be watching closely to see how much of the stolen funds can ultimately be recovered.
Open source - CO
CoindeskArticle ·
Circle and Tether step in to freeze hacker wallet after massive Bitget crypto heist The stablecoin issuer blacklisted a wallet holding about $318,000 in USDT and USDC. Most of the stolen funds sit in ether, which can't be frozen.
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Circle and Tether freeze hacker wallet linked to $352M Bitget exploit The wallet held about $318,000 in $USDC and $USDT. https://t.co/medUQ3TTVb
Open source - DE
DecryptArticle ·
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.
Open source