DeFi largely dodged the Binance hack—no protocols were directly exploited. The breach hit Binance's custodial hot wallets.
$USDT issuer Tether froze over $1.6B and $USDC issuer Circle froze over $800M. However, roughly 195k $ETH can't be frozen and is already moving.
Ethena faces the most potential DeFi exposure because its hedges sit on centralized exchanges including Binance. Its collateral is held off-exchange by custodians, not on Binance itself.
wBETH (Binance's wrapped token used in DeFi) was among 60+ tokens drained but is holding its peg for now.
$USDT issuer Tether froze over $1.6B and $USDC issuer Circle froze over $800M. However, roughly 195k $ETH can't be frozen and is already moving.
Ethena faces the most potential DeFi exposure because its hedges sit on centralized exchanges including Binance. Its collateral is held off-exchange by custodians, not on Binance itself.
wBETH (Binance's wrapped token used in DeFi) was among 60+ tokens drained but is holding its peg for now.
