Stablecoin Freezes Fail to Contain Damage from Bitget Hack

Circle and Tether have frozen stablecoins tied to Bitget, following a recent hack. The freeze is aimed at protecting user funds and preventing further losses.

The hack, which occurred on Bitget, resulted in the theft of an unspecified amount of cryptocurrency. As part of its response, Circle froze approximately $2 million worth of USDC (USD Coin) tied to the exchange, while Tether froze around $1.5 million worth of USDT (Tether USD) and another $300,000 worth of USDT on a different Bitget account.

Despite these efforts, most funds have slipped away, leaving users vulnerable to potential losses. The freeze is seen as a temporary measure to mitigate the impact of the hack, but it remains unclear how many users will be affected in the long term.