Circle and Tether freeze $318K tied to Bitget hack
- —Circle blacklisted the wallet at 05:00 UTC Friday, Tether followed shortly after
- —About $318,000 frozen: 218,023 USDT and 99,990 USDC
- —Over 63,000 ETH remain unfreezable by any stablecoin issuer
- —Bitget's $464 million user protection fund covers the entire loss
Why it matters: The freeze covers less than 0.1% of the stolen funds, highlighting the limits of stablecoin issuers' control over native assets.
Source: The Cryptonomist (IT)