Circle and Tether have frozen a wallet linked to the $351.6 million Bitget hack, securing about $318,000 in stablecoins while the majority remains unfrozen.
Circle and Tether have taken swift action to freeze a wallet linked to the recent Bitget hack, which resulted in the theft of $351.6 million.
Wallet Blacklisted Amid Ongoing Concerns
The wallet, known as "Bitget Exploiter 8," contains approximately $318,000 in USDT and USDC, but the majority of the stolen assets, over 63,000 ETH, remain unfrozen and inaccessible to issuers.
In a notable contrast to their previous response to the Drift hack in April, where a significant amount of stolen USDC was allowed to transfer without intervention, Circle acted decisively this time. The wallet was blacklisted at 05:00 UTC on Friday, securing around 170.47 ETH, 218,023 USDT, and 99,990 USDC.
Gracy Chen, CEO of Bitget, stated that the attackers exploited a flaw in the exchange's wallet infrastructure, using false transaction data to execute unauthorized transfers, while confirming that user private keys remained secure. She assured users that Bitget's user protection fund, which exceeds $464 million, would cover the losses.
While Circle and Tether have managed to freeze a portion of the stolen assets, the ongoing situation highlights the challenges in securing funds in the wake of such hacks. The response from Circle demonstrates an effort to improve their handling of security incidents following criticism from past events.
