Bitget hit by $351.6 million hack, Circle and Tether freeze wallet
Technology
Crypto exchange Bitget just got hit by a huge $351.6 million hack, but Circle and Tether moved fast, freezing a hacker's wallet holding Ethereum, USDT, and USDC.
The wallet (dubbed "Bitget Exploiter 8") was blacklisted early on September 25, locking up about $318,000 in stablecoins.
Hacker wallets hold over 63,000 ETH
Even with the freeze, other hacker wallets are still sitting on more than 63,000 ETH that can't be touched.
Bitget's CEO Gracy Chen explained hackers broke into the exchange's back end (but didn't steal private keys).
To make sure users aren't left hanging, Bitget's user protection fund, which holds over $464 million, will cover losses.
Interestingly, Circle acted much faster this time than during a previous hack.