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Crypto

Bitget Hack Sees Circle and Tether Freeze Stolen Funds

Guavy AI Editorial Team
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ETH USDT USDC
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A recent hack on Bitget has resulted in a significant loss of funds for the platform. The incident saw hackers steal approximately $387.5 million, with most of the loot held in ether (ETH).

Circle and Tether have taken action to freeze some of the stolen funds. On Friday at 05:00 UTC, Circle blacklisted an address labeled 'Bitget Exploiter 8,' which held 218,023 USDT and 99,990 USDC. Tether followed suit shortly after.

The frozen assets amount to around $318,000 in stablecoins, a small portion of the total stolen funds. The bulk of the loot remains out of reach due to ether's decentralized nature, which cannot be blocked by any issuer.

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