Circle and Tether have frozen a wallet linked to the Bitget exploit after it received about $318,000 in USDT and USDC from Thursday’s $351.6m cryptocurrency theft.
The intervention affects only a small proportion of the stolen assets. More than 63,000 ETH remains spread across other wallets controlled by the exploiter, and those funds cannot be frozen by stablecoin issuers.
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Circle and Tether’s action targeted the stablecoins held in the identified wallet. USDT is issued by Tether, while USDC is issued by Circle. Neither company can block the movement of ether, meaning most of the funds remain outside the reach of issuer-led freezes.
The response also marks a faster intervention by Circle than in the aftermath of April’s Drift hack. At that time, critics said the company had allowed about $232m in stolen USDC to move between blockchains without taking action.
Bitget has not recovered the full amount involved in the hack through the wallet freeze. The frozen balance represents only a fraction of the $351.6m stolen on Thursday, while the remaining ether holdings continue to sit in addresses associated with the exploiter.
