Jeremy Allaire: Circle froze $800M USDC amid Binance exploit reports
Jeremy Allaire said Circle has frozen more than $800 million of USDC linked to a potential Binance exploit and is working with law enforcement.
Jeremy Allaire@jerallaire · Context: COINMAG Newsroom
Key takeaways
- Circle acted swiftly to lock $800 M USDC linked to the Binance incident.
- The move underscores Circle’s cooperation with law enforcement on security threats.
- USDC users gain reassurance that the stablecoin’s issuer is actively managing risk.
Jeremy Allaire, the chief executive of Circle, posted on X on October 29, 2026 to address circulating rumors of a security breach affecting Binance. He wrote that Circle is closely tracking reports of a potential exploit involving the exchange and, in coordination with law enforcement, has frozen more than $800 million worth of USDC tied to the incident. The statement matters because USDC is one of the largest stablecoins in the market and its custody practices affect confidence in the broader crypto ecosystem. By freezing the assets, Circle signals its commitment to compliance and consumer protection while supporting authorities in investigating the alleged hack.
“Circle is closely tracking reports of a potential exploit involving Binance. In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.”
— Jeremy Allaire (@jerallaire) on X · X ↗
Jeremy Allaire is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.
COINMAG NewsroomStories researched and written by the COINMAG news desk from multiple independent reports.
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