More Than $1.7 Billion in Tether and USDC Linked to a Possible Binance Hack Frozen

Reports indicate that more than $1.7 billion in Tether (USDT) and USD Coin (USDC) may have been frozen after suspicious transfers involving wallets associated with Binance. The movements, reported on October 29, 2026, raised concerns about a possible cybersecurity incident involving one of the cryptocurrency exchange’s wallets.

According to published reports, Tether blacklisted addresses holding USDT, while Circle, the issuer of USDC, froze tokens held at related addresses. Some reports put the combined value of the frozen assets at approximately $1.8 billion. However, estimates of the precise amounts differ across reports. Source: The Crypto Times

Despite speculation about a possible Binance hack, large blockchain transfers alone do not prove that a theft occurred. At the time of reporting, the cause of the transactions had not been officially confirmed. It also remained unclear how much of the transferred crypto had moved beyond the stablecoin issuers’ ability to freeze it before restrictions took effect. Further official updates from Binance, Tether, and Circle are needed to establish the full scope of the incident.