Circle freezes over $800 million of USDC after Binance hack, shares tumble
Circle Internet Group announced that it froze more than $800 million of its USDC stablecoin in response to a security breach at Binance. CEO Jeremy Allaire said the freeze was done in coordination with law enforcement. The announcement triggered a sharp sell‑off in Circle’s stock, with the share price falling between 5 % and 12 % over the next two days.
Why it matters
The freeze and the associated Binance breach caused Circle’s stock to drop 5.6 % in after‑hours trading and later 9.31 % to $72.54 and 12 % over the week. The decline reflects heightened market risk for crypto‑linked equities and may affect investors’ exposure to stablecoin issuers.
Key facts
- 1Circle froze $800 million of USDC linked to the Binance incident. seekingalpha.com
- 2Circle froze $823 million of USDC linked to the Binance incident. finance.yahoo.com
- 3CEO Jeremy Allaire said the freeze was done in coordination with law enforcement. seekingalpha.com
- 4Circle shares fell 5.6 % in after‑hours trading following the announcement. seekingalpha.com
- 5Circle shares fell 9.31 % to $72.54 after the hack news. finance.yahoo.com
- 6Circle shares fell 12 % over the week after the hack and a bearish Mizuho call. finance.yahoo.com
Open questions
- The exact amount of USDC frozen is reported as $800 million and $823 million.
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.