Tether and Circle freeze more than $2.38 billion over possible Binance security issue — Channel NewsAsia

Tether and Circle froze more than $2.38 billion in stablecoins after cryptocurrency exchange Binance reported an investigation into a possible security issue. Channel NewsAsia reports, citing Reuters.

Frozen assets

Tether, the issuer of the world’s largest stablecoin, said it had frozen nearly $1.57 billion linked to a possible hack. Circle froze more than $800 million. Binance co-founder Yi He also wrote on X that crypto company Ripple had frozen about $200 million.

Binance said its teams were urgently reviewing all relevant information. The exchange also assured that users’ funds were safe.

More current news is available on the UA.News Telegram channel Telegram.

Review of reports of a possible hack

Binance co-founder Changpeng Zhao, who no longer runs the company, wrote on X that the situation appeared to be a hack. At the same time, Circle co-founder and CEO Jeremy Allaire said the company was monitoring reports of possible exploitation of a vulnerability related to Binance and would continue to support the investigation.

According to the Binance website, the exchange has more than 335 million registered users worldwide. Separate cryptocurrency exchange Binance.US said it had not been affected by this security incident.