Bitget raised its estimate of assets affected by its security breach to $387.5 million after adding Zcash and TRON assets to its accounting, with XRP and ether comprising most identified outflows; withdrawals remained paused. The exchange’s chief executive cited preliminary IP evidence consistent with VPN choices associated with a North Korean hacking group, but attribution remains unconfirmed. Circle and Tether blacklisted roughly $318,000 in USDC and USDT associated with the attacker, although most funds had already been converted into ether.
The event is a material custody and operational-risk test for centralized venues: the revised loss reflects both the scale of hot- and warm-wallet exposure and the limited recoverability of assets once shifted into non-freezable tokens. Stablecoin issuer intervention demonstrates a narrow but functional control point in the settlement stack, while the small amount frozen relative to the loss shows its limits after rapid asset conversion. The financial impact on Bitget, the duration of withdrawal restrictions and the ultimate recovery rate remain uncertain.
The Federal Reserve proposed capital requirements, reserve disclosures and a general two-business-day redemption standard for covered stablecoin issuers, with bank applications subject to the GENIUS Act’s 120-day decision timetable. Separately, SEC staff stated that promoting a network’s current uses generally does not itself create an expectation of profit, and described qualifying liquid-staking receipts as falling outside security classifications. Together, the measures provide further operating guidance across issuer prudential standards and token-design questions, though both their final scope and legal durability remain unsettled.
Bitcoin traded at $84,041, down 0.4% over 24 hours, after U.S. spot Bitcoin ETFs attracted $191 million on Thursday, extending a six-day inflow streak to $2.8 billion; reporting also put aggregate U.S. crypto ETF inflows above $3 billion for the week, including nearly $800 million outside Bitcoin. The flows indicate continuing use of listed vehicles as the principal institutional allocation channel despite a softer daily pace, but they do not establish whether demand can offset renewed macro or derivatives-driven selling. A dormant holder also moved approximately $380 million in Bitcoin, with no evidence supplied that the coins were sold.