TREE NEWS update: Circle and Tether blacklisted a wallet labeled “Bitget Exploiter 8,” freezing about $318,000 in USDC and USDT tied to the Bitget hack. The attacker had already swapped most of the funds into ETH, which the issuers cannot freeze, so only a fraction of the stolen money was locked.
Circle and Tether Freeze $318K in Stablecoins Tied to Bitget Hack
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AI take
This episode illustrates the structural limits of issuer-level freezing: once stolen stablecoins are swapped into a permissionless asset like ETH, the recovery lever disappears, so blacklisting tends to capture leftovers rather than the bulk of a haul. It matters for exchanges and law-enforcement teams that rely on issuer cooperation as a recovery path, and for anyone assuming centralized stablecoin controls offer comprehensive protection. Whether attackers keep routing proceeds through ETH before issuers can act is the open question.
Generated by AI for reference only.
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