Circle: Over $800 Million USDC Frozen in Connection with Potential Binance Security Incident

Odaily reports that Jeremy Allaire, co-founder and CEO of Circle, stated that Circle is closely monitoring a potential security breach involving Binance. In accordance with coordination requests from law enforcement, Circle has frozen over 800 million USDC related to the incident and will continue to cooperate with the ongoing investigation.

In response, OKX Star commented that Circle and Tether performed excellently in this matter, and the crypto industry—including exchanges and stablecoin issuers—should work together to establish an industry-level security response mechanism.

OKX Star recommended establishing a real-time early warning system that would enable industry participants to immediately share information when a hack occurs, coordinate rapid response, and temporarily freeze suspicious funds before stolen assets are transferred or laundered.

He emphasized that response speed is critical, and the industry should develop standardized operating protocols, clarify the responsibilities of all parties, and implement appropriate security safeguards to ensure action can be taken within minutes rather than hours or even days. Protecting users and their assets should be a shared responsibility of the entire industry, not an independent duty of any single platform.