Circle and Tether have blacklisted a wallet address associated with the recent Bitget exchange hack. The companies successfully froze approximately $318,000 in stablecoins, consisting of 99,990 USDC and 218,023 USDT. The action against the address, identified as Bitget Exploiter 8, occurred on Friday.
Circle initiated the freeze at 05:00 UTC, followed by Tether roughly seven hours later. Despite these measures, the majority of the stolen funds remain inaccessible to the issuers. The attacker managed to convert a significant portion of the stolen assets into ETH, which cannot be frozen at the contract level.
Blockchain analysis indicates that other wallets linked to the exploit still hold over 63,000 ETH. Early estimates suggest the total losses from the Bitget breach could reach $387 million. Analysts have identified the Lazarus Group as a potential perpetrator behind the incident.
Bitget CEO Gracy Chen stated that the attackers compromised a backend system within the exchange's wallet infrastructure to trigger unauthorized transfers. The exchange confirmed that its user protection fund, which contains more than $464 million, will be used to cover the losses incurred by the platform.
