Tether freezes $971M USDT linked to suspected Binance hack

Tether and Circle have frozen approximately $1.8 billion in assets, including over $1.567 billion in USDT, following a suspected hack of Binance. On-chain data indicates that the Binance drain totaled $5.57 billion across three different blockchains. These swift actions by Tether and Circle highlight the role of centralized control within decentralized finance, while the incident brings increased scrutiny to crypto exchange vulnerabilities, security measures, and the overall stability of digital asset markets during major security breaches.