Circle and Tether Freeze Stablecoins Tied to Bitget Hack—But Most Funds Slip Away

Decrypt09-25 18:42

In brief Circle and Tether froze a wallet tied to the Bitget hack, blacklisting roughly 99,990 USDC and 218,023 USDT (~$318,000) at the contract level; Circle acted at 05:00 UTC Friday, with Tether ...

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Circle acted at 05:00 UTC Friday, with Tether ...</p>\n\n<a href=\"https://decrypt.co//379365/circle-tether-freeze-stablecoins-bitget-hack\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ETHI","symbol_name":"Defiance Leveraged Long Income Ethereum ETF","start_time":0,"source_url":"https://decrypt.co//379365/circle-tether-freeze-stablecoins-bitget-hack","article_id":"2670331421","we_media_id":null,"thumbnails":["https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2025/08/circle-usdc-tether-usdt-stablecoin-decrypt-style-gID_7.jpg@webp"],"rights":{"source":"decrypt_highlight","url":"https://decrypt.co//379365/circle-tether-freeze-stablecoins-bitget-hack","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2670331421","pubTimestamp":1790332971,"columns":[],"sourceInfo":{"source_id":"decrypt_highlight","name":"Decrypt"},"weMediaInfo":null,"summary":"Circle and Tether have frozen a wallet linked to the massive Bitget exchange hack, cutting off roughly $318,000 in stablecoins from the attacker, though the bulk of the stolen fortune moved beyond reach before issuers could act.\nBlockchain data shows Circle blacklisted the address, labeled \"Bitget Exploiter 8\" on Etherscan, at 05:00 UTC Friday, using the built-in freeze function in its USDC token contract.\nMyriad: Where does Ethereum go next? Click to make your prediction.\nRoughly seven hours la...","collect":0,"end_time":0,"defaultTopTitle":"decrypt.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"ETHI":"Defiance Leveraged Long Income Ethereum ETF","TETH":"21Shares Ethereum ETF","SETH":"1倍做空以太币期货ETF-Proshares","ESK":"REX-Osprey ETH + Staking ETF","ETCO":"Grayscale Ethereum HIGH Income ETF","ETHT":"ProShares Ultra Ether ETF","EETH":"以太币期货ETF-ProShares","ETU":"T-Rex 2X Long Ether Daily Target ETF","ETHU":"2倍以太币期货ETF-Volatility Shares","ETHV":"以太坊ETF-VanEck","QETH":"以太坊ETF-Invesco Galaxy","ETHW":"以太坊ETF-Bitwise","FETH":"以太币ETF-Fidelity","ETH":"低成本以太坊ETF-Grayscale","YETH":"Roundhill Ether Covered Call Strategy ETF","ETHA":"以太坊ETF-iShares","EZET":"以太坊ETF-Franklin","ETHD":"ProShares UltraShort Ether ETF","ETQ":"T-Rex 2X Inverse Ether Daily Target ETF","ETHE":"最大以太坊ETF-Grayscale","BTF":"比特币&以太币期货ETF-CoinShares"},"translate_title":"Circle 和泰达币冻结了与 Bitget 黑客攻击相关的稳定币，但大多数资金都溜走了","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ETHU":0.6,"ETCO":0.6,"ETHW":0.6,"ETQ":0.6,"YETH":0.6,"BTF":0.6,"ETHV":0.6,"FETH":0.6,"ETHE":0.6,"ETHT":0.6,"ETH":0.6,"QETH":0.6,"SETH":0.6,"TETH":0.6,"ETHA":0.6,"ETHI":0.6,"EZET":0.6,"ETU":0.6,"ETHD":0.6,"EETH":0.6,"ESK":0.6},"content_text":"In brief\nCircle and Tether froze a wallet tied to the Bitget hack, blacklisting roughly 99,990 USDC and 218,023 USDT (~$318,000) at the contract level; Circle acted at 05:00 UTC Friday, with Tether following via its multisig hours later.\nThe wallet's ~170 ETH stayed untouched—issuers can freeze their own tokens but not Ethereum—and trackers show other exploiter addresses still hold 63,000+ ETH beyond reach.\nIt's a small dent in a breach pegged at roughly $387 million, with Lazarus Group a suspected culprit and Bitget's $464 million protection fund set to cover losses.\nCircle and Tether have frozen a wallet linked to the massive Bitget exchange hack, cutting off roughly $318,000 in stablecoins from the attacker, though the bulk of the stolen fortune moved beyond reach before issuers could act.Blockchain data shows Circle blacklisted the address, labeled \"Bitget Exploiter 8\" on Etherscan, at 05:00 UTC Friday, using the built-in freeze function in its USDC token contract.Myriad: Where does Ethereum go next? Click to make your prediction.Roughly seven hours later, Tether followed suit, with a signer confirming a transaction on its multisig wallet that added the same address to USDT's blacklist. Together the actions locked about 99,990 USDC and 218,023 USDT in place.The wallet also held around 170 ETH, but that portion remains untouched, underscoring the core limitation of stablecoin freezes: issuers can blacklist their own tokens at the contract level, but no one can freeze Ethereum itself.That gap explains why so little was recovered. The attacker appears to have raced to convert freezable assets into ETH before issuers intervened, consolidating stolen tokens into fresh wallets and swapping stablecoins out within minutes.BitcoinBTC · USD$83,974+3.75%24H7D1M1YYTDSep 18Sep 20Sep 22Sep 24Sep 25$87.2k$84.9k$82.6k$80.3k24h HighHigh$85,20824h LowLow$83,230VolVol$1.6BMarket projectionsOdds by MyriadToday$82,000 to $84,000$82k–$84k51% chanceThis week$82,000 to $84,000$82k–$84k51% chanceThis monthAbove $84,000Above $84k50% chance→Buy Bitcoin with USDTPowered by Jupiter$50$100$500BuyPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Blockchain trackers indicate other exploiter-linked addresses still hold more than 63,000 ETH that no issuer has the authority to touch.The freezes are a small dent in one of the year's largest exchange breaches. The Bitget hack drained hundreds of millions of dollars, with early estimates reaching $387 million, and analysts have pointed to North Korea's Lazarus Group as a possible culprit.Bitget CEO Gracy Chen has said attackers compromised a backend system in the exchange's wallet infrastructure, spoofing transaction data to trigger unauthorized transfers, while ruling out a private-key compromise. The exchange has said a user protection fund holding more than $464 million will cover losses.The rapid blacklisting drew notice as a faster response than some past incidents, though it also renewed a long-running debate about the centralized control issuers wield over supposedly permissionless assets.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2670331421","isCrawlerRequest":true}