A potential Binance security issue prompted Circle and Tether to freeze large amounts of stablecoins and Ripple to help halt the movement of funds, executives said on October 29, 2026. Binance said it was investigating but had not confirmed an exploit.

Key Takeaways

  • Circle said it froze more than 800 million USDC, while Tether said it froze more than 1.5 billion USDT that may have been related to a potential breach.
  • Binance said user funds were safe and promised updates once information had been verified.
  • Bitcoin fell more than 3% following the executives’ statements, dropping below $80,000.

What is known about the Binance security issue

Binance said its teams were reviewing reports of a potential security issue on its trading platform. A spokesperson said user funds were completely safe and that the exchange would provide updates through its official channels.

Circle CEO Jeremy Allaire said the company froze more than 800 million USDC associated with the incident. Tether CEO Paolo Ardoino said Tether froze more than 1.5 billion USDT that may have been related to a potential breach.

Binance co-founder Yi He said Ripple helped halt the movement of $200 million in funds linked to the possible attack. The reported figures do not establish how much, if any, was stolen, or whether the amounts overlap.

Wallet estimates and Ripple’s token controls

Crypto data provider Arkham Intelligence linked nearly $6 billion in digital assets across 55 wallet addresses to the potential exploit. The assets included bitcoin, ether, solana and stablecoins. The wallet estimate is not a confirmed measure of losses from Binance.

Ripple’s RLUSD user terms say the company may freeze its stablecoin by blacklisting a digital address. Yi did not specify which assets were included in the $200 million whose movement Ripple helped halt.

Crypto prices fall

Bitcoin slid more than 3% after the executives’ statements, while ether fell nearly 4% and solana lost about 3%. Circle shares fell about 5% in after-hours trading on Thursday. The timing alone does not establish what caused the price moves.

Next milestone

Binance said it would provide further updates through its official channels after verifying information.

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