🚨 A $387M HACK — BUT SOME OF THE MONEY COULD ACTUALLY BE FROZEN 👀

The Bitget security breach has raised a bigger question for the crypto market:

How much control do stablecoin issuers really have over stolen funds?

Bitget initially estimated the September 24 incident at around $351.6M, before revising the figure to approximately $387.5M after including additional assets such as Zcash and TRON.

Now here’s where things get interesting. 👇

🔒 Circle and Tether stepped in

A wallet identified as “Bitget Exploiter 8” was blacklisted by Circle, and Tether later blocked the same address.

That wallet reportedly contained around:

• 99,990 USDC
• 218,023 USDT
• 170.47 ETH

So, roughly $318K worth of USDC and USDT was effectively frozen.

But there’s a catch. ⚠️

Circle and Tether can freeze their own tokens at the contract level.

They cannot freeze native ETH.

Reports indicate other exploiter wallets still contained more than 63,000 ETH, showing just how different the control mechanisms are between stablecoins and assets like ETH.

Bitget CEO Gracy Chen said the attackers compromised a backend system connected to the exchange’s wallet infrastructure and manipulated transaction data, rather than taking users’ private keys.

Bitget also said its cold wallets were unaffected and that its User Protection Fund holds over $464M.

👀 The bigger question:

Does this incident show the strength of stablecoin security — or the risks of centralized control?

$BTC • $ETH • $XRP

#CryptoSecurit #Circle #USDC✅ #USDT #CryptoNewss