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Circle and Tether freeze stablecoins after Binance flags security issue
CNBC reported Circle and Tether froze about $1.8 billion in stablecoins as Binance said it was investigating a potential security issue and that user funds were safe.
- Techmeme is now reporting this
- New headline Was: “Circle, Tether freeze funds impacted by potential Binance 'security issue'”
- Our desk filed its story
- Reuters is now reporting this
Circle Internet Group and Tether froze roughly $1.8 billion in dollar stablecoins on Thursday after Binance said it was investigating a potential security issue on its trading platform1.
Binance, the largest cryptocurrency exchange by daily trading volume, had not confirmed an exploit at the time CNBC published1. A spokesperson said teams were aware of reports of a potential security issue and were investigating1.
"Rest assured that user funds are completely safe," the spokesperson said, adding that security teams were reviewing information with urgency1.
Circle chief executive Jeremy Allaire said on X that the company had frozen more than $800 million in USDC associated with the incident1. Tether's chief executive said on X that the firm had frozen more than $1.5 billion of USDT that may have been related to a potential breach1.
Techmeme highlighted The Block's account that on-chain monitors put suspicious outflows as high as $5.8 billion, with Tether freezing more than 1.5 billion USDT and Circle more than 800 million USDC2. Reuters, in a headline this desk could not open in full, put the combined freeze at $2.38 billion3.
Bitcoin fell more than 3% and traded below $80,000 after the executives' statements, CNBC reported, and Circle shares fell about 5% in after-hours trading1. Binance said it would provide updates through official channels once it had verified information1.
Sources
- CNBCCircle, Tether freeze funds impacted by potential Binance 'security issue'
- TechmemeBinance says it is investigating a "potential security issue" as suspicious outflows reach up to $5.8B; Tether freezes 1.5B+ USDT, Circle freezes 800M+ USDC (The Block)
- ReutersTether, Circle freeze $2.38 billion after Binance reports security incident
How it’s being reported
3 sourcesFirst reported by 
CNBC
CNBCFirstCircle, Tether freeze funds impacted by potential Binance 'security issue'
Issuer freezes, Binance's statement that funds are safe, and a drop in bitcoin and Circle shares.
8 billion tied to a possible Binance incident; the exchange said it was investigating and that funds were safe.— CNBC
Circle and Tether froze about $1.8 billion tied to a possible Binance incident; the exchange said it was investigating and that funds were safe.
Leaves out On-chain outflow tallies in the billions cited by other crypto outlets.
Binance says it is investigating a "potential security issue" as suspicious outflows reach up to $5.8B; Tether freezes 1.5B+ USDT, Circle freezes 800M+ USDC (The Block)
The Block's on-chain outflow figure of up to $5.8 billion alongside the issuer freezes.
Roundup of The Block: Binance investigating a potential security issue as suspicious outflows are put as high as $5.8 billion, with large USDT and USDC freezes.
Leaves out Bitcoin and Circle share-price moves highlighted by CNBC.
Tether, Circle freeze $2.38 billion after Binance reports security incident
Leads with a figure in the headline.
Where they agree
- Binance said it was investigating a potential security issue.
- Circle and Tether froze large amounts of USDC and USDT tied to the incident.
Where they differ
Size of frozen stablecoins and of suspected outflows