Stablecoin Freezes Come Too Little, Too Late for Bitget Hack Victims

The massive Bitget exchange hack has yielded a small victory for issuers Circle and Tether. The companies have frozen wallets linked to the attackers, but the bulk of the stolen funds remain out of reach.

Circle blacklisted the 'Bitget Exploiter 8' wallet on Etherscan at 05:00 UTC Friday, using its USDC token contract's freeze function. This move locked $318,000 in stablecoins.

Tether followed suit seven hours later, adding the same address to its blacklist and freezing another $218,023 in USDT.