Key Takeaways
- • Circle CEO Jeremy Allaire said the company froze more than $800 million in USD Coin tied to a potential Binance security incident, while Tether CEO Paolo Ardoino said Tether had frozen more than $1.5 billion of USDT that may be linked to the breach.
- • Several crypto firms, including Circle Internet Group and Tether, froze roughly $1.8 billion in funds tied to the potential hack, according to CNBC.
- • Arkham Intelligence linked nearly $6 billion in digital assets across 55 wallet addresses to the potential exploit, suggesting frozen balances may represent only a fraction of affected funds.
- • Binance has not explicitly confirmed an exploit, stating it is investigating "a potential security issue" and that user funds are "completely safe."
- • Bitcoin fell more than 3% below $80,000, Ether dropped nearly 4% and Solana shed about 3%, while Circle shares fell about 5% in after-hours trading.
Summary
Several crypto firms, including Circle Internet Group and Tether, on Thursday, October 29, 2026, froze roughly $1.8 billion in funds tied to a potential hack of Binance, the world's largest crypto exchange by daily trading volume, according to CNBC. Binance has not explicitly confirmed that it suffered an exploit. In a social media post, the company said it was investigating "a potential security issue" on its trading platform and stated that user funds are "completely safe," with updates to follow through official channels once information is verified.
Circle CEO Jeremy Allaire said in a social media post Thursday evening that the company had frozen more than $800 million in USD Coin associated with the incident. Tether CEO Paolo Ardoino said on X that his firm had frozen more than $1.5 billion of its USDT stablecoin that may be related to a potential breach. Binance co-founder Yi He later said in a statement that Ripple helped halt the movement of $200 million in funds linked to the possible attack.
The frozen amounts may capture only part of the exposure. Crypto data provider Arkham Intelligence, which identifies and tracks wallets by analyzing public blockchain data and soliciting community tips, linked nearly $6 billion in digital assets, including bitcoin, ether, solana and various stablecoins, to 55 wallet addresses it associates with the potential exploit.
Market reaction was swift. Bitcoin slid more than 3% following the executives' statements, breaking below $80,000, while Ether fell nearly 4% and Solana shed about 3%. Shares of Circle tumbled about 5% in after-hours trading on Thursday.
Circle CEO Jeremy Allaire said in a social media post Thursday evening that the company had frozen more than $800 million in USD Coin associated with the incident. Tether CEO Paolo Ardoino said on X that his firm had frozen more than $1.5 billion of its USDT stablecoin that may be related to a potential breach. Binance co-founder Yi He later said in a statement that Ripple helped halt the movement of $200 million in funds linked to the possible attack.
The frozen amounts may capture only part of the exposure. Crypto data provider Arkham Intelligence, which identifies and tracks wallets by analyzing public blockchain data and soliciting community tips, linked nearly $6 billion in digital assets, including bitcoin, ether, solana and various stablecoins, to 55 wallet addresses it associates with the potential exploit.
Market reaction was swift. Bitcoin slid more than 3% following the executives' statements, breaking below $80,000, while Ether fell nearly 4% and Solana shed about 3%. Shares of Circle tumbled about 5% in after-hours trading on Thursday.
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