Lifestyle
Bitget Hacked for $351.6 Million: Circle Freezes Stablecoin Wallet, MistTrack Says Tether Followed
After crypto exchange Bitget was hacked for about $351.6 million, Circle blacklisted one attacker wallet and MistTrack said Tether later blocked it as well, freezing about $318,000 in stablecoins. But CoinDesk notes most of the stolen funds are ether (ETH), which no issuer can freeze. Bitget says its user protection fund bears the loss.
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Background: The Bitget Hack and How It Happened
According to a CoinDesk report on Friday, September 25, 2026, crypto exchange Bitget was hacked the previous day, Thursday, with about $351.6 million stolen. CEO Gracy Chen said the attackers compromised a backend system in the exchange's wallet infrastructure, spoofed (faked) transaction data and triggered the exchange's authorization process to move funds out. She ruled out a leak of private keys (the secret codes that control assets in a crypto wallet). Chen also said Bitget's user protection fund, which holds over $464 million, covers the loss.
The Freeze by Circle and Tether
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Sources are collected, independently checked, then reviewed by Jev.
Circle and Tether are the issuers of the stablecoins USDC and USDT, respectively; stablecoins are crypto tokens issued by companies that can be transferred on a blockchain. CoinDesk reported that on-chain data show Circle blacklisted a wallet at 05:00 UTC (Coordinated Universal Time) on Friday; the wallet is labeled "Bitget Exploiter 8" on the blockchain explorer Etherscan. Blockchain security firm MistTrack said Tether later blocked the wallet as well. The wallet holds about 170.47 ETH, 218,023 USDT and 99,990 USDC; the stablecoin portion, about $318,000 in total, was frozen.
Comparison With the Drift Hack in April
CoinDesk reported that Circle acted faster this time than after the $285 million Drift hack in April. In that case, the attacker used Circle's own cross-chain transfer protocol (a mechanism for moving tokens from one blockchain to another) to move about $232 million in USDC from Solana to Ethereum; critics including ZachXBT said Circle could have moved faster to blacklist wallets and freeze funds. Circle says it freezes assets when legally required.
| Item | Bitget hack | Drift hack |
|---|---|---|
| When | September 2026 (the Thursday before CoinDesk's September 25 report) | April |
| Total loss | About $351.6 million | About $285 million |
| Stablecoin freeze | Circle blacklisted the wallet; MistTrack said Tether later blocked it too; about $318,000 in USDT and USDC frozen | Critics say Circle should have acted faster as about $232 million in USDC moved |
| Attack method | Compromised a backend system, spoofed transaction data, triggered the authorization process | Moved USDC from Solana to Ethereum via Circle's cross-chain transfer protocol |
| Who bears the loss | Bitget user protection fund (over $464 million) | Not stated in the report |
What It Means for Everyday Readers
According to CoinDesk, in the Bitget case a stablecoin wallet was blacklisted and about $318,000 in stablecoins was frozen, but the more than 63,000 ETH held by other attacker addresses cannot be frozen by any issuer. For Bitget users, the CEO has said the user protection fund covers the loss.
Frequently asked questions
How much was lost in the Bitget hack, and who is covering it?
According to CoinDesk, Bitget was hacked on the Thursday before the September 25, 2026 report, with about $351.6 million stolen. CEO Gracy Chen said Bitget's user protection fund, which holds over $464 million, covers the loss.
How much did Circle and Tether freeze?
CoinDesk reported that Circle blacklisted the wallet labeled "Bitget Exploiter 8," and MistTrack said Tether later blocked it as well; about $318,000 in USDT and USDC was frozen. According to MistTrack's tracking, other attacker addresses still hold more than 63,000 ETH, which no issuer can freeze.
Why can't most of the stolen funds be frozen?
According to CoinDesk, only the USDT and USDC in the wallet were frozen; other attacker addresses still hold more than 63,000 ETH, and no issuer can freeze ether.
How did Bitget's CEO describe the attack?
CoinDesk reported that Bitget CEO Gracy Chen said the attackers compromised a backend system in the exchange's wallet infrastructure, spoofed transaction data and triggered the authorization process to move funds out; she ruled out a private key compromise.
How does this differ from the Drift hack in April?
CoinDesk reported that Circle acted faster this time. In the $285 million Drift hack in April, the attacker used Circle's own cross-chain transfer protocol to move about $232 million in USDC from Solana to Ethereum, and critics such as ZachXBT said Circle could have moved faster to freeze funds. Circle says it freezes assets when legally required.
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