Circle and Tether Freeze Funds Linked to Bitget Hack
- Circle and Tether froze a wallet tied to the Bitget hack, blocking approximately $318,000 in stablecoins.
- The frozen assets include around 99,990 USDC and 218,023 USDT.
- Despite the freeze, over 63,000 ETH linked to the hack remains untouched.
- The total breach is estimated at $387 million with North Korea’s Lazarus Group suspected of involvement.
- Bitget has a $464 million protection fund to cover potential losses from the hack.
Circle and Tether swiftly acted to freeze funds tied to the significant Bitget exchange breach by blacklisting relevant addresses at the contract level. However, a substantial portion of stolen funds was converted into Ethereum before issuers could intervene.
This response highlights both the effectiveness and limitations of centralized control over stablecoins in mitigating losses during such breaches. (Source)
