Tether Freezes Over $1.5 Billion in USDT Linked to $6.3…
By Karthik Subramanian
AI summary of the source article
Tether froze more than $1.5 billion in USDT following an October 29 security breach involving approximately $6.3 billion stolen from Binance. However, blockchain analysis indicates over $700 million moved before initial freezes were implemented.
Why it matters
The incident highlights both the advantages and limitations of centralized stablecoins during major cryptocurrency thefts. Issuers can prevent transfers from identified addresses, but assets moved into other cryptocurrencies or decentralized protocols may be harder to recover.
Key facts
- Tether immobilized roughly $1.555 billion across Ethereum and Tron, plus $8.4 million on Avalanche, linked to the Binance attack.
- Blockchain analytics firm Bitquery estimated approximately $729 million in stolen USDT escaped before initial freezing efforts occurred.
- Circle froze more than $800 million and Binance reported around $3 billion frozen on-chain by October 30.
Source excerpt · FinanceFeeds
Tether says it froze more than $1.5 billion in USDT connected to the October 29 Binance hack, highlighting the role stablecoin issuers can play in restricting the movement of stolen cryptocurrency. In a November 2 statement, the company said it immobilized the assets within 30 minutes of the attack, preventing the funds from being transferred, exchanged or laundered. The intervention followed a se…