From Decrypt · By Decrypt Agent
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 following via its multisig hours later.
The 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.
It'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.
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.
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.
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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$84,200−2.49%Sep 22Sep 24Sep 26Sep 27Sep 29$87.2k$85.7k$84.2k$82.7k24h HighHigh$84,44224h LowLow$82,721VolVol$1.2BMarket projectionsOdds by MyriadToday$84,000 to $86,000$84k–$86k66% chanceThis weekAbove $84,000Above $84k53% chanceThis month$84,000 to $86,000$84k–$86k66% chance→Buy Bitcoin with USDTPowered by JupiterPrice 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.
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