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Circle and Tether freeze Bitget hack wallet, blocking about $536,000

Circle froze an address labeled "Bitget Exploiter 8" on USDC and Tether later added the same address to the USDT blacklist, together locking 99,990 USDC and 218,023 USDT.

Reported · Written up by our desk · Stablecoins

Circle and Tether have frozen a cryptocurrency wallet tied to the Bitget exchange hack, cutting off roughly $318,000 in stablecoins from the attacker, though most of the funds moved beyond reach before the freezes took effect, according to Decrypt.

Blockchain data cited by Decrypt shows Circle blacklisted the address, labeled "Bitget Exploiter 8" on Etherscan, at 05:00 UTC Friday by using the built-in freeze function in its USDC token contract. About seven hours later, Tether followed by adding the same address to its USDT blacklist through a confirmed transaction from its multisig wallet.

Together, the actions locked about 99,990 USDC and 218,023 USDT. Decrypt also notes the wallet contained about 170 ETH, but Ethereum itself cannot be frozen by issuers, which limited how much could ultimately be recovered.

The report says the attacker appeared to race to convert stablecoin holdings into ETH before Circle and Tether intervened, then consolidate tokens into new wallets and swap out stablecoins within minutes.

Latest closeEthereum $2,688.68 ▲0.1%

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