Tether, Circle freeze $2.38 billion after Binance reports security incident
Tommy Anderson is a community reporter with a knack for uncovering local stories that matter. He has a journalism degree from Minnesota State University Moorhead and has reported for several local news organizations over his eight-year career.
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Oct 29 (Reuters) Circle and Tether on Thursday froze over $2.38 billion in stablecoin currency after Binance said it was actively investigating a potential security issue. Binance, the world s largest cryptocurrency exchange, said in a post on X its teams were reviewing all relevant information with urgency and added that user funds were safe. Crypto firm Ripple had frozen roughly $200 million, Binance co-founder Yi He said on X. Binance co-founder Changpeng Zhao, who no longer manages the company, wrote on X that the incident looked like a hack . Tether, which issues the world s largest stablecoin, said it froze nearly $1.57 billion related to the hack, with Circle freezing over $800 million. Circle, another stablecoin issuer, is closely tracking reports of a potential exploit involving Binance, its co-founder and CEO Jeremy Allaire wrote in a post on X, adding that it will continue supporting the investigation. Binance has over 335 million registered global users,