Circle and Tether step in to freeze hacker wallet after massive Bitget crypto heist
The stablecoin issuer blacklisted a wallet holding about $318,000 in USDT and USDC. Most of the stolen funds sit in ether, which canโt be frozen.
Stablecoin Response to Bitget Heist
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Asset Seizure: Circle and Tether blacklisted a wallet holding approximately $318,000 in USDT and USDC stablecoins.
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Technical Limitation: The majority of the stolen assets are held in ether, which cannot be frozen by the issuers.
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Security Incident: The blacklist action follows a security breach involving the cryptocurrency exchange Bitget.
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Issuer Enforcement: Stablecoin issuers utilized blacklisting protocols to restrict the movement of illicitly obtained funds.
Corporate & Investor Security Impact
The platform is attempting to contain losses following a reported heist of customer funds.
Circle and Tether have demonstrated their capability to intervene in on-chain transactions to address theft.
Asset Recovery FAQs
What assets were frozen by Circle and Tether? โพ
The issuers blacklisted a wallet containing $318,000 in USDT and USDC.
Can all stolen funds be frozen? โพ
No, most of the stolen assets are held in ether, which lacks an issuer-controlled freeze mechanism.
This dispatch has been curated by Press Glob under international press wire fair-use reporting standards. Access the original reporting directly below.
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