Circle signage during the company’s debut on the stock market in front of the New York Stock Exchange, June 5, 2025.
Michael Nagle | Bloomberg | Getty Images
Circle Internet Group and Tether have collectively frozen approximately $1.8 billion in funds linked to a potential breach of the Binance cryptocurrency exchange.
The largest crypto trading platform by daily volume has yet to officially verify whether it has encountered a security incident. In a recent social media update, the company announced that it was probing “a possible security concern” affecting its trading system.
“Our teams are looking into reports of a potential security situation and are actively engaging in an investigation,” stated a spokesperson for Binance. “Please be assured that user funds are entirely secure. Our security teams are urgently analyzing all relevant information and will update the public through official Binance channels once we have confirmed details.”
On Thursday evening, Circle’s CEO Jeremy Allaire shared on social media that the firm had frozen over $800 million in USD Coin linked to this incident. Tether’s CEO Paolo Adroino also mentioned in a statement on X that Tether had frozen more than $1.5 billion of its stablecoin related to the potential exploit.
The value of Bitcoin, the leading cryptocurrency globally, fell by over 3% after the executives’ comments, dropping below $80,000.
Additionally, shares of Circle experienced a decline of about 5% during after-hours trading on Thursday.
Stay updated on this breaking news as more information becomes available.