Circle and Tether have frozen over $2.3 billion in stablecoins after Binance, the world's largest cryptocurrency exchange, stated it was investigating "potential security issues" on its trading platform.
Jeremy Allaire, CEO of Circle, said the company had frozen over $800 million in USD Coin; Paolo Ardoino, CEO of Tether, stated over $1.5 billion in USDT had been frozen. Binance said user funds were "completely safe." Following this news, Bitcoin fell over 3%, dropping below $80,000; Circle's stock price fell approximately 5% in after-hours trading on Thursday.
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Circle and Tether have frozen over $2.3 billion in stablecoins, reportedly linked to potential security issues at Binance.
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