Tether freezes $971M USDT linked to suspected Binance hack

Circle reportedly froze around $823 million in USDC as Binance investigates outflows from its hot wallets Tether has frozen approximately $971 million in USDT tied to suspected outflows from Binance’s hot wallets on October 29, 2026. Binance says it is investigating, and its founder has publicly said the situation looks like a hack. Tether was not the only issuer to act. Circle reportedly froze around $823 million in USDC, putting more than $1.7 billion in stablecoins on ice between the two companies. What we know so far The freeze came after reports of large withdrawals from Binance hot wallets around October 29. Binance has confirmed that its security team is looking into reports of a potential security issue. The exchange has not, based on available reports, formally declared a breach. Changpeng Zhao, Binance’s founder, was more direct. CZ said the circumstances appear to suggest a hack. He also praised Tether and Circle for moving quickly to freeze funds that may have been compromised. Market reports point to billions of dollars in total movements out of Binance wallets tied to the incident. The exact size of the outflows has not been confirmed. The ripple effects hit traders t...