Bitget Hackers Get Away with Millions as Asset Freezes Prove Ineffective

The Bitget exchange was hacked on September 24, resulting in a loss of $387.5 million. The hack was initially estimated to be around $351.6 million, but further review revealed additional transfers that increased the total amount.

Circle and Tether froze approximately $318,000 in stablecoins related to the hack, but most of the stolen funds had already been transferred out by then. This highlights the limitations of asset freezes, which only work until the attackers transfer the money.

The issuers were unable to freeze Ether, as it is a different type of cryptocurrency that cannot be restricted in the same way as stablecoins.