Urgent: Freeze of Bitget's hacked wallet linked to Circle ($USDC) and Tether ($USDT)
Central stablecoin issuers took action! Both Circle and Tether froze the wallet associated with the Bitget hack, preventing the attacker from transferring the stolen funds.
What happened:
Bitget exploit funds were traced on-chain
The issuers used the blacklist feature to freeze $USDT and $USDC inside the attacker’s wallet
The funds are now locked and cannot be withdrawn
Why this matters for the crypto industry:
This shows the double-edged sword of centralized stablecoins:
✅ Positive: Hackers can be stopped, protecting users’ funds
⚠️ Negative: It raises questions about decentralization and censorship
But for exchange security, this is a win. It proves the industry can cooperate quickly to protect users.
Centralization for protection — does this freeze power support it?
#Tether #Circle #USDC #USDT #Bitget #HackAlert #CryptoSecurity #BinanceFeed #OnChain#circletetherfreezebitgethackerwallet
Central stablecoin issuers took action! Both Circle and Tether froze the wallet associated with the Bitget hack, preventing the attacker from transferring the stolen funds.
What happened:
Bitget exploit funds were traced on-chain
The issuers used the blacklist feature to freeze $USDT and $USDC inside the attacker’s wallet
The funds are now locked and cannot be withdrawn
Why this matters for the crypto industry:
This shows the double-edged sword of centralized stablecoins:
✅ Positive: Hackers can be stopped, protecting users’ funds
⚠️ Negative: It raises questions about decentralization and censorship
But for exchange security, this is a win. It proves the industry can cooperate quickly to protect users.
Centralization for protection — does this freeze power support it?
#Tether #Circle #USDC #USDT #Bitget #HackAlert #CryptoSecurity #BinanceFeed #OnChain#circletetherfreezebitgethackerwallet
