Binance hackers raced to move billions before it could be frozen
Attackers raced to convert stolen stablecoins into crypto that issuers could not freeze as industry players like Tether and Circle moved to immobilize billions of dollars in assets.
Attackers raced to convert stolen stablecoins into crypto that issuers could not freeze as industry players like Tether and Circle moved to immobilize billions of dollars in assets.
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The stablecoin issuer’s US Treasury holdings are comparable to those of major foreign holders, while its Bitcoin reserves were valued at $8.37 billion at the end of September.
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Ethereum saw a spike in activity after the Binance hack, with fees rising over $56M for the day after the hack.
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Circle, Strategy and other crypto-linked stocks fell sharply Friday, a day after Binance disclosed a $6.3 billion security breach.
Bitcoin faces mounting quantum security concerns as Ripple secures a US banking charter, USDC gains ground in Europe and VanEck adds BTC to a new ETF.
A recap of Cointelegraph’s live coverage of the Binance hack, including early breach reports and the exchange’s full reimbursement pledge.