Circle and Tether Freeze $318,000 Linked to Bitget Exploit

Circle and Tether have blacklisted a wallet identified as “Bitget Exploiter 8” following the Bitget hack. The action locked approximately $318,000 worth of USDC and USDT associated with the address. However, the issuers’ intervention came after the attacker had converted most of the funds into ETH. Unlike the centralized stablecoins, ETH cannot be frozen by Circle or Tether, leaving most of the stolen assets outside the companies’ direct control. The incident highlights the different recovery challenges involved in tracking stablecoins and decentralized cryptoassets after a hack. USDC is issued by Circle, while USDT is issued by Tether. Ethereum is among the assets connected to the report.