Binance hackers moved billions before Tether, Circle could freeze assets

This rapid action occurred as major industry participants, including Tether and Circle, began efforts to immobilize substantial asset values.

The attackers sought to transform the stolen stablecoins into cryptocurrencies that their issuers lacked the ability to freeze.

This movement by the threat actors directly coincided with regulatory and institutional efforts to secure assets.

The attempts by Tether and Circle to freeze billions of dollars in assets signaled a growing institutional response to security vulnerabilities.

This situation highlights the evolving regulatory and operational landscape within the digital asset sector.

Earlier coverage

• Experts say EIP-7702 may have amplified Binance hack losses, not caused it Oct 30
• Binance hacker dumps 2017 token, causing 90% price crash Oct 30
• Standard Chartered says Binance hack could accelerate shift to DEXs Oct 30