The stablecoin giants moved to block suspected stolen funds after suspicious Binance wallet transfers, but investigators have yet to establish the full extent of the breach.
Stablecoin issuers, including Tether, Circle, Ripple, and World Liberty Financial, have frozen more than $2.6 billion in digital assets linked to a suspected Binance security breach involving nearly $6 billion.
On Oct. 29, Tether CEO Paolo Ardoino said the company had frozen more than $ 1.567 billion in USDT linked to the suspected incident. He wrote on X:
Circle also froze approximately $823 million in USDC linked to the incident. CEO Jeremy Allaire confirmed that the company was coordinating with law enforcement to restrict the movement of potentially compromised assets and support the investigation.
Other stablecoin issuers joined the effort, with Ripple reportedly freezing approximately $200 million and Donald Trump-linked World Liberty Financial restricting $27 million in USD1.
Paxos also disclosed that it had frozen 1,906.67 PAX Gold (PAXG) tokens valued at more than $8 million.
Together, the reported freezes exceed $2.6 billion, representing a substantial portion of the approximately $6 billion in assets reportedly transferred from Binance-linked wallets.
However, Binance has not yet confirmed the total amount potentially compromised, leaving the scale of the suspected breach unresolved.
Thanks for signing up to The Catalyst. Look out for your first daily email. If you already receive it, you’re all set.
Source link
