Stablecoin market capitalization fell by about $10.8 billion over 30 days, before the Binance security breach on October 29 even occurred. Binance said the incident affected approximately $6.34 billion in assets and that it would absorb the financial impact. An exploiter-linked wallet supplied 60 million USDT to Aave and borrowed 19,762 units of Wrapped Ethereum, worth about $44.6 million at the time. Guardians froze 175 Aave V3 reserves and 117 V4 reserves, halting new deposits and borrowing while allowing repayments, withdrawals and liquidations. Between October 27 and November 3, Aave’s total value locked fell by roughly $1.03 billion and Lido’s declined by $713 million, amid falling token prices and a broader contraction in the stablecoin market.
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