Tether froze more than $1.567 billion in USDT held in wallets linked to a suspected Binance hack after roughly $3.3 billion left two of the exchange’s hot wallets on Ethereum on October 29, 2026. Circle also froze about $823 million in USDC tied to the same activity, bringing the total immobilized in stablecoins to approximately $1.8 billion to $2.4 billion. The transfers occurred within roughly 40 minutes, between 20:24 and 21:04 UTC, before the issuers blacklisted the flagged addresses. Some $700 million in USDT and ETH reportedly moved before the freezes or outside their reach. Binance is investigating but has not confirmed a breach or any loss of user funds, while former CEO Changpeng Zhao said the incident resembled a hack and asserted that user funds were secure.
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