Circle and Tether froze the Bitget hacker wallet!
First, nail down the numbers: the frozen amount is roughly 99,000 USDC plus 218,000 USDT, for a total of about $320,000. The hacker’s batch that was stolen is on the order of 350 to 380 million, and the on-chain related addresses still hold over 63,000 ETH—so the issuer basically can’t freeze that. What was caught is the small change; what was missed is the big part.
Why you shouldn’t panic: stablecoins can only freeze their own contract balances; ETH has no blacklisting button. The hacker converted everything that could be frozen into ETH early on, so this is a reminder of the mechanism’s boundaries, not an immediate bearish hit that drains market liquidity. Bitget also said the user protection fund covers the losses.
As for the market: BTC is hovering around 84,483—day high 84,654, day low 83,838. ETH is around 2,706. The freeze news itself didn’t independently trigger a sharp sell-off.
So the rhythm is clear: a mostly neutral observation. If you have longs, consider trimming some on the rebound to 84,600–84,700, and let 84,000–84,500 digest. If it breaks and loses the 83,838 daily low, admit the mistake—don’t treat the $320,000 that was frozen as a full sweep of the whole position.
Next, keep watching whether those 60,000+ ETH will continue to be split up and rotated, and whether the exchange’s hot/cold wallets show any new abnormal outflows. If there’s movement on either front, then decide the direction.
$BTC $ETH
First, nail down the numbers: the frozen amount is roughly 99,000 USDC plus 218,000 USDT, for a total of about $320,000. The hacker’s batch that was stolen is on the order of 350 to 380 million, and the on-chain related addresses still hold over 63,000 ETH—so the issuer basically can’t freeze that. What was caught is the small change; what was missed is the big part.
Why you shouldn’t panic: stablecoins can only freeze their own contract balances; ETH has no blacklisting button. The hacker converted everything that could be frozen into ETH early on, so this is a reminder of the mechanism’s boundaries, not an immediate bearish hit that drains market liquidity. Bitget also said the user protection fund covers the losses.
As for the market: BTC is hovering around 84,483—day high 84,654, day low 83,838. ETH is around 2,706. The freeze news itself didn’t independently trigger a sharp sell-off.
So the rhythm is clear: a mostly neutral observation. If you have longs, consider trimming some on the rebound to 84,600–84,700, and let 84,000–84,500 digest. If it breaks and loses the 83,838 daily low, admit the mistake—don’t treat the $320,000 that was frozen as a full sweep of the whole position.
Next, keep watching whether those 60,000+ ETH will continue to be split up and rotated, and whether the exchange’s hot/cold wallets show any new abnormal outflows. If there’s movement on either front, then decide the direction.
$BTC $ETH