Circle and Tether Freeze Over $300K From Bitget Hack Tied to $351.6M Theft

3 min readPublished 26 Sep 2026Updated 26 Sep 2026, 22:05 UTC

Stablecoin issuers moved to lock stolen funds as Bitget dangles a 5% bounty for recovery help

Bitget, a major cryptocurrency exchange, suffered a security breach that resulted in the theft of digital assets now estimated near $351.6 million, according to crypto.news. In response, stablecoin issuers Circle and Tether moved to freeze portions of the stolen funds tied to their respective tokens. Combined, the frozen amount has surpassed $300,000, according to BitKE.

The freezing action highlights a recurring feature of the stablecoin ecosystem. Both USDC issuer Circle and USDT issuer Tether retain the technical ability to blacklist wallet addresses. This lets them halt the movement of tokens flagged as stolen or connected to illicit activity, even after those tokens have left the exchange where they were taken.

However, Cointribune EN reported that the frozen sum represents only a small portion of the total funds stolen in the attack. That gap underscores a persistent limitation of issuer-level intervention. Stablecoins can be frozen quickly once flagged, but attackers routinely convert stolen assets into other tokens, move them across blockchains, or route them through decentralized exchanges before issuers can act.

In an effort to speed up recovery, Bitget has offered a 5% bounty for anyone who assists in freezing the remaining stolen funds, according to crypto.news. Bounty programs of this kind are increasingly common after major hacks. Exchanges use them to incentivize white-hat hackers, blockchain analysts, and even the original attackers to return funds voluntarily, often in exchange for a cut and immunity from further pursuit.

The scale of the reported theft places this incident among the larger exchange breaches of the year. Exchanges hold large pools of user assets in hot and cold wallets, making them persistent targets for sophisticated attackers. When breaches of this size occur, the response from stablecoin issuers often becomes a focal point, since it offers one of the few realistic avenues for partial recovery once funds have left an exchange’s own custody.

Bitget has not disclosed full technical details of how the breach occurred, based on the reporting available. The exchange’s public response has so far centered on the bounty offer and coordination with issuers, rather than a detailed account of the attack vector. Further details may emerge as investigations continue.

Market Impact

The incident is likely to renew scrutiny of exchange security practices and custody arrangements across the industry. Large-scale breaches tend to prompt users to reassess how much of their holdings they leave on centralized platforms versus self-custody wallets.

The partial freezing of funds also reinforces debate over the role of centralized stablecoin issuers in policing illicit flows. Circle and Tether’s ability to act quickly demonstrates a practical safeguard, but the small share of funds recovered relative to the total stolen shows the limits of that tool once assets are converted or bridged elsewhere.

The Bitget hack and the modest freezing action that followed illustrate both the promise and the limits of stablecoin issuer intervention. With a bounty now on offer, attention shifts to whether further recovery is possible before the remaining stolen funds are laundered beyond reach.

Frequently Asked Questions

How much was frozen after the Bitget hack?

Circle and Tether froze a combined total of over $300,000 in stolen stablecoins, according to BitKE.

How large was the total theft?

Crypto.news reported the attack involved roughly $351.6 million in stolen assets, though the exact figure has not been independently confirmed by Bitget in full detail.