Binance Hacked? Tether, Circle freeze $2.38 billion after world's largest cryptocurrency exchange probes security issue
Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.
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.Live EventsCircle, 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, according to its website.
Crypto exchanges such as Binance are platforms where people buy, sell or trade digital assets.Binance.US, a separate cryptocurrency exchange, said it was not affected by the security incident.
Cryptocurrency exchange Coinbase Global reported a quarterly profit on Thursday, snapping a three-quarter streak of losses, as heightened volatility in digital asset markets boosted trading.The company reported a profit of $718.7 million, or $2.
51 per share, for the quarter ended September 30, compared with $432.6 million, or $1.50 per share, a year earlier.
rypto exchange KuCoin will stop serving customers in Russia and Belarus, the company said on its website on Thursday, citing "legal and regulatory requirements".The Seychelles-based exchange said it has 45 million customers in more than 200 countries. It said it would allow affected users to withdraw their funds as part of an "orderly termination process".
Cryptocurrency exchange Coinbase is adding Ripple's stablecoin RLUSD to its platform, expanding its slate of dollar-backed crypto tokens.The move is a boost for blockchain payments company Ripple, which launched RLUSD in December 2024 to facilitate near-instant settlement of cross-border payments. The stablecoin has a market capitalization of more than $2.
5 billion, according to data provider CoinGecko.RLUSD will be available starting Wednesday across Coinbase's retail and institutional platforms, Coinbase said. For years, Circle's USDC was the flagship stablecoin Coinbase offered to its customers, but Coinbase has gradually expanded its stablecoin offerings to include PayPal's PYUSD, as well as Open USD, a stablecoin issued through a joint venture backed by Visa, Mastercard and Coinbase."
It's a really credentializing moment for RLUSD to not only be listed on Coinbase but to be embraced across the platform," said Jack McDonald, senior vice president of stablecoins at Ripple.Stablecoins are digital tokens designed to keep a constant value and backed by traditional currencies, most commonly the US dollar. They are used mainly to trade in and out of other cryptocurrencies, such as bitcoin, but proponents say they can also facilitate instant payments and corporate treasury management.
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)Read More News onbinanceBinance hackTether freezeCircle freezecryptocurrency exchangestablecoinbinance hacked(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless
