Circle and Tether froze about $318,000 in USDC and USDT linked to the Bitget hack, but the attacker had already swapped most of the breach, now estimated at roughly $387.5 million, into Ether and other assets issuers cannot touch.

On Friday (September 25), Circle and Tether stopped nearly $318,000 in stablecoins related to the hack of the Bitget exchange, but by then most of the $387.5 million stolen in the hack had already left. This shows the usefulness, as well as the limits of asset freezes: they only work until the attackers transfer the...