Bitget Hackers Get Partial Freeze as Circle and Tether Act

The Bitget cryptocurrency exchange has been hacked for $351.6 million, and in response, Circle and Tether have frozen a wallet linked to the heist.

According to reports, the hacker compromised Bitget's backend system, spoofed transaction data, and triggered the authorization process to move funds out.

Circle blacklisted the wallet, labeled 'Bitget Exploiter 8', at 05:00 UTC on Friday, while Tether also banned it. The frozen amount covers only a small fraction of the total stolen, with roughly $318,000 in stablecoins stuck in place.

The bigger problem is that other exploiter addresses still hold more than 63,000 ETH, and no stablecoin issuer has authority to freeze Ether itself.