SubhaanAli86

Circle and Tether have frozen stablecoins in a wallet linked to Thursday's $351.6 million Bitget hack, though the amount is a small fraction of the total, according to CoinDesk. On-chain data shows Circle blacklisted the address — labeled "Bitget Exploiter 8" on Etherscan — at 05:00 UTC Friday. The wallet holds about 170.47 ETH, 218,023 USDT and 99,990 USDC, and blockchain security firm MistTrack said Tether has since banned it too. That leaves roughly $318,000 in stablecoins stuck, while MistTrack's tracker shows other exploiter addresses still holding more than 63,000 ETH, which no issuer can freeze.

Bitget CEO Gracy Chen said attackers compromised a backend system in the exchange's wallet infrastructure, spoofed transaction data and triggered its authorization process to move funds out, ruling out a private-key compromise. She said Bitget's user protection fund, which holds over $464 million, covers the loss. Circle's quick action contrasts with its response to April's $285 million Drift hack, when the attacker moved about $232 million in USDC from Solana to Ethereum using Circle's own cross-chain transfer protocol; critics including ZachXBT said Circle could have acted faster to blacklist wallets and freeze funds, and Circle said it freezes assets when legally required.