Tether froze approximately $971 million in USDT after reports of substantial withdrawals from Binance’s hot wallets on October 29, 2026. Circle reportedly froze around $823 million in USDC, bringing the total amount of immobilized stablecoins to more than $1.7 billion. Binance is investigating a possible security incident without having officially confirmed a breach, while founder Changpeng Zhao said the circumstances appear to suggest a hack. Freezing tokens prevents them from being transferred but does not automatically return them to their original owners, and approximately $450 million in long positions were liquidated during the turmoil.
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