Tether and Circle freeze $823 million in stolen funds after $6.43 billion Binance hack

Hackers stole $6.43 billion from Binance on October 29, blockchain analytics company Elliptic reported. Within an hour, stablecoin issuers Tether and Circle responded by freezing most of the stolen assets held in USDT and USDC. Tether and Circle, the companies behind the two largest USD-pegged stablecoins, acted quickly in the aftermath of the Binance hack. Both companies exercised control over their respective token contracts to restrict access to stolen funds. According to Elliptic, Tether froze the compromised USDT just 37 minutes after the hackers moved it to their main wallet, while Circle locked $823 million in USDC only minutes later. Both blocked balances remain in the hackers’ wallet. Tether can blacklist any address holding its tokens, preventing those addresses from conducting transfers.

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