Binance is investigating a potential security breach involving an Ethereum wallet after suspicious transfers, while Tether and Circle reportedly froze nearly $1.8 billion in assets. Binance has not confirmed any impact on user funds, but co-founder Changpeng Zhao (CZ) said the activity appeared to be a hack, that Tether and Circle had frozen about $971 million and $823 million, respectively, and that he expected all user funds to be fully covered. Blockchain researcher Spreek first raised concerns after assets from a Binance-linked Ethereum wallet were moved to a new address via a contract call allegedly funded by Tornado Cash. Later, Tether and Circle said they had frozen more than $2.36 billion, including over $800 million in USDC frozen in coordination with law enforcement and more than $1.567 billion in USDT.
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $97.5B |
| Close on 10/28/2026 | 759.85 |
| Change that session | +2.00% |
BTC/USDT
▼ Likely negativeBitcoin
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/28/2026 | 81,343.50 |
| Change that session | +0.54% |
ETH/USDT
▼ Likely negativeEthereum
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $285.6B |
| Close on 10/28/2026 | 2,359.68 |
| Change that session | +0.40% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Circle, Tether freeze funds impacted by potential Binance 'security issue'
Circle and Tether froze roughly $1.8 billion in funds tied to a potential hack of Binance, the largest crypto exchange by daily trading volume. Binance has not confirmed an exploit but said it is investigating “a potential security issue” and that user funds are completely safe. Circle CEO Jeremy Allaire said more than 800 million in USD Coin was frozen, while Tether's CEO said the firm froze more than 1.5 billion of its stablecoin. Bitcoin fell more than 3% below $80,000, and Circle shares dropped about 5% in off-hours trading.
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At least $5.57 billion has left Binance-linked wallets on Ethereum, Bitcoin and Tron on Thursday, according to an on-chain tally, and Binance says it is investigating and has not confirmed any impact on user funds. If confirmed as a hack, it would be the largest crypto theft on record. Tether froze 975.1 million USDT and Circle froze 823 million USDC in the main receiving wallet, about $1.8 billion in total. The funds came from hot wallets: $3.51 billion on Ethereum, $1.44 billion in 18,270 Bitcoin and $630 million on Tron. Bitcoin fell below $79,000, BNB dropped about 7% and Monero rose about 6%.
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