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Circle and Tether freeze $318K of Bitget hack funds as $387.5M slips away
Circle and Tether froze nearly $318,000 in stablecoins tied to the Bitget exchange hack on Friday, September 25. Most of the $387.5 million stolen had already been moved out by then.
Published:
Updated:
What happened
Circle and Tether froze nearly $318,000 in stablecoins tied to the Bitget exchange hack on Friday, September 25. Most of the $387.5 million stolen had already been moved out by then.
Confirmed
Global impact / market context
Stablecoin issuers can freeze funds tied to a hack, which means they can lock specific tokens so they cannot be moved. This helps recovery but only works if the stolen money stays put, limiting real protection for investors.
Analyst inference
The small frozen amount compared with the total loss shows that fast transfers can defeat issuer freezes. This may push exchanges to tighten withdrawal checks and stablecoin issuers to speed up tracking and blocking stolen assets.
Analyst inference
What to watch
- Circle and Tether together froze nearly $318,000 in stablecoins connected to the Bitget hack on September 25. Confirmed
- Exchanges and stablecoin issuers could work toward faster alerts so stolen coins are frozen before attackers move them. Proposed
- Because most stolen funds escaped, investors may question how much protection freezes offer after a large exchange hack. Analyst inference
Affected assets
- USDT — Tether