Circle and Tether step in after a Bitget crypto heist involving stablecoins. Both issuers blacklist a wallet labeled “Bitget Exploiter 8” that holds about $318,000 in USDC and USDT, preventing those particular stablecoin balances from being transferred on their networks.
However, the sources note that much of the stolen value is not fully recoverable through token freezes. The majority of the funds are reported to be held in ether (ETH) rather than USDC or USDT. Because ETH is not subject to the same issuer-led blacklisting mechanism, the attacker’s conversion into ETH reduces what can be immobilized. As a result, while the blacklist blocks stablecoin holdings tied to the wallet, it does not stop movement of assets already swapped into unfreezable forms.
Across the coverage, the main emphasis differs: CoinDesk focuses on the stablecoin wallet being frozen/blacklisted and the limitation that ETH cannot be frozen by issuers, while Decrypt highlights that most funds already shifted into ETH before blocking could take effect. Both accounts align on the existence of the blacklist action and the approximate stablecoin amount involved.
