Binance Hackers Quickly Converted Stolen Stablecoins to Unfreezable Crypto
Attackers rapidly moved billions in stolen assets to avoid asset freezes after a major security breach.
Attackers rapidly moved billions in stolen assets to avoid asset freezes after a major security breach. Tether (USDT) is trading at ₹94.99 ($0.9991). This is an original Token Times brief based on reporting by Cointelegraph, with live market data added, as of Sat, 31 Oct 2026 01:15:01 UTC.
The incident highlights vulnerabilities in crypto exchange security and the challenges of asset recovery in decentralized systems. It also underscores the strategic importance of asset freezing mechanisms in stablecoin design.
- Attackers moved billions in stolen assets to avoid freezing by issuers.
- Tether and Circle acted to freeze assets but faced rapid conversion.
- USDT market cap remains stable at $180.17B amid the incident.
- Binance Faces $2.5B Hack Crisis as Stablecoins Worth Nearly $1B Are Frozen
- Binance Hackers Quickly Converted Stolen Stablecoins to Unfreezable Crypto — this brief
In a significant security incident, hackers targeted Binance and quickly moved billions of dollars in stolen assets to avoid freezing by issuers. The attackers focused on converting stablecoins into cryptocurrencies that could not be immobilized by issuers like 
Tether and Circle.
Tether and Circle reportedly initiated actions to freeze the stolen assets, but the hackers' rapid conversion strategy limited the effectiveness of these measures. This incident highlights the challenges of asset recovery in decentralized systems and the strategic importance of freezing mechanisms in stablecoin design.
The USDT circulating supply remains stable at $180.17 billion, according to DeFiLlama, indicating that the incident has not had a significant immediate impact on Tether's market cap. The broader crypto market remains relatively flat, with a total market cap of $2.67 trillion.
Bitcoin's price has seen a slight decline of 0.81% in the last 24 hours, and the overall market sentiment, as measured by the Fear & Greed Index, remains in 'Fear' territory at 30. Tether's price has remained stable at $0.99913, with a minor 0.09% increase in the last 24 hours.
This incident underscores the ongoing security challenges faced by major crypto exchanges and the need for robust asset recovery mechanisms. It also raises questions about the effectiveness of freezing mechanisms in stablecoins and the broader implications for market stability.
Since this brief published about 3 hours ago, Tether (USDT) has moved from ₹94.99$0.9991 to ₹94.99$0.9991 — +0.00%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₹103.8 (about $0.9991), up 0.1% over 24 hours. The rupee itself trades about 9.3% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 31, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Binance Hackers Quickly Converted Stolen Stablecoins to Unfr — questions & answers
What actions did Tether and Circle take?
Tether and Circle reportedly initiated actions to freeze the stolen assets but faced challenges due to the rapid conversion by hackers.
How did the incident affect Tether's market cap?
USDT's market cap remained stable at $180.17 billion, showing no significant immediate impact.
What is the current state of the crypto market?
The total crypto market cap is $2.67 trillion, with Bitcoin down 0.81% in the last 24 hours and the Fear & Greed Index at 30.
How much is 1 Tether worth in rupee today?
About ₹103.8 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9991. The rupee price moves with both USDT's US-dollar price and the USDT/INR rate; use our Tether in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Cointelegraph. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.