Bitget Hackers Stuck: Circle and Tether Freeze Wallet Holding $318K

Circle and Tether have frozen a wallet linked to Thursday's $351.6 million Bitget hack, blacklisting a wallet holding about $318,000 in stablecoins.

The wallet, labeled 'Bitget Exploiter 8', was frozen by Circle at 05:00 UTC on Friday and held around 170.47 ETH, 218,023 USDT, and 99,990 USDC.

Tether has since banned the wallet as well, leaving roughly $318,000 in stablecoins stuck.

Bitget CEO Gracy Chen said attackers compromised a backend system in the exchange's wallet infrastructure, spoofed transaction data, and triggered its authorization process to move funds out.

The loss is estimated at approximately $351.6 million, with some sources putting it as high as $387.5 million.