Circle and Tether Freeze $318k as Bitget Hackers Flee with Millions

Circle and Tether have quickly responded to the massive Bitget crypto hack by freezing a wallet tied to the breach, effectively stopping the movement of approximately $318,000 in stablecoins. The freeze came hours after attackers drained $351.6 million from the exchange on Thursday.

The majority of the stolen funds, however, remains unfrozen due to its holding in over 63,000 ETH, an asset that no single issuer can lock down.

Bitget CEO Gracy Chen confirmed that the breach did not involve a private key compromise but rather exploited weaknesses within the exchange's own systems. Attackers spoofed transaction data and triggered the platform's authorization-signing process to push funds out.

Despite the significant loss, Bitget's user protection fund, holding over $464 million, will cover the shortfall in full, ensuring that customer balances remain accurate.