GoKawiilCircle and Tether froze over $2 billion from the $6.4 billion Binance hack
Following the October 30 breach of Binance, Circle froze about $823 million in USDC tied to the stolen funds, while Tether CEO Paolo Ardoino said Tether froze over 1.567 billion USDT linked to the attack, though some reports cite a lower figure of $975.1 million. Combined with other blockchain partners' freezes, roughly $2.4 billion was immobilized, separate from the approximately $3 billion Binance says is frozen on-chain across multiple assets.
GoKawiil's interpretation of the reporting above, not reported fact.
The episode illustrates that stablecoins like USDC and USDT are not bearer assets but claims controlled by issuers who can block transfers at will, which can blunt the payoff from large-scale thefts. Security researchers note that without such rapid freezing, most funds stolen by sophisticated or state-linked hackers are typically never recovered, suggesting issuer-level controls are becoming a key defense layer in crypto security. The unresolved discrepancy in Tether's reported freeze amount points to ongoing uncertainty in how recovery figures are tracked and reported.
- Circle froze about $823 million in USDC linked to the Binance hack within hours.
- Tether reported freezing over 1.567 billion USDT, though other reports cite $975.1 million.
- Combined issuer freezes reached about $2.4 billion, helping narrow estimated unrecovered losses to $3-4 billion.
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See Ledger Nano X Hardware Wallet on Amazon → Affiliate link — we may earn a commission on purchases, at no extra cost to you. Product picked by AI based on this article; it is not a tested recommendation.Source: techreport.com — Krishi Chowdhary, 2026-11-01
Published there as: “How Circle and Tether Froze Billions From the Binance Hack”
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