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

Circle and Tether freeze $318,000 in USDT and USDC linked to the Bitget hack as more than

Circle and Tether have frozen approximately $318,000 in stablecoins held in a wallet linked to the Bitget hack, according to CoinDesk and data cited by Wu Blockchain in a post on X.

The affected address, labeled “Bitget Exploiter 8,” contained 218,023 USDT and 99,990 USDC. Circle blacklisted the address at 05:00 UTC on September 25, while blockchain security firm MistTrack later confirmed that Tether had also blacklisted the wallet.

The intervention immobilized only a small portion of the assets associated with the attack. MistTrack data cited by CoinDesk shows that other attacker-linked addresses still hold more than 63,000 ETH, assets that stablecoin issuers cannot freeze through the same mechanism.

Stablecoin Funds Frozen After Bitget Exploit

The wallet identified as “Bitget Exploiter 8” held multiple digital assets, including the stablecoins targeted by Circle and Tether. CoinDesk reported that the address also contained about 170.47 ETH alongside the 218,023 USDT and 99,990 USDC.

Circle’s action placed the USDC associated with the address beyond the attacker’s immediate control. Tether subsequently blacklisted the same wallet, preventing the USDT in that address from being transferred through the normal network mechanisms.

The combined frozen USDT and USDC were worth approximately $318,000, according to the information shared by Wu Blockchain.

The action also demonstrates a structural difference between centralized stablecoins and assets such as ether. Circle and Tether, as issuers of USDC and USDT, can blacklist addresses under circumstances that allow them to restrict the movement of their respective tokens. ETH itself does not have a comparable issuer-controlled freezing mechanism.

Most Stolen Funds Remain in Ether

The amount frozen represents only a fraction of the assets connected to the Bitget hack. MistTrack’s tracking data shows that other addresses associated with the attackers continue to hold more than 63,000 ETH.

That distinction is significant for recovery efforts because the ability to freeze funds depends on the asset involved and the control mechanisms built into its network or token infrastructure.

CoinDesk separately reported that Bitget lost $351.6 million in the incident. Bitget CEO Gracy Chen said the attackers compromised a backend system in the exchange’s wallet infrastructure, spoofed transaction data and triggered the authorization process to move funds. She said the incident did not involve a private-key compromise.

Chen also said Bitget’s user protection fund, which holds more than $464 million, covers the loss.

Wallet Blacklisting Limits Recovery

The freezing of the stablecoin portion provides a direct intervention point for issuers, but the remaining ETH highlights the limits of that approach when stolen assets are held in cryptocurrencies without an issuer-controlled blacklist.

For now, Circle and Tether’s actions have secured the USDT and USDC held in the identified wallet, while MistTrack continues to track other attacker-linked addresses holding the larger ETH balance. The distinction between the frozen stablecoins and the unfrozen ether remains central to efforts to trace the remaining funds.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.