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Stablecoin Liquidity Hits Record $68B, 67% On Binance Alone

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The combined Exchange Reserve of the stablecoins has recently set a new all-time high (ATH), driven mainly by growth on Binance.

Stablecoin Exchange Reserve Has Witnessed A Rise Recently

In a new post on X, on-chain analytics firm CryptoQuant has talked about the latest trend in the combined Exchange Reserve of the Ethereum and Tron-based stablecoins.

The “Exchange Reserve” here refers to an indicator that keeps track of the total amount of a given asset or group of assets that’s sitting in wallets connected to centralized exchanges.

Generally, one of the main reasons why investors deposit their coins to these platforms is for selling-related purposes, so the supply present on them may be looked at as a measure of the “available sell supply” of the cryptocurrency.

When Bitcoin or another volatile coin observes an increase in this supply, it’s naturally a bearish sign for its price. The same, however, isn’t true in the case of stablecoins, as they are, by definition, stable around the $1 mark.

Instead, inflows of these fiat-tied tokens may actually be a bullish sign for the market. Investors usually park their capital in the form of stables when they temporarily want to avoid volatile markets. Once they have decided it’s time to switch back, they deposit to exchanges and swap into BTC or whatever desired asset. Because of this role of stables, they are sometimes considered as the buy-side liquidity of the sector.

Now, here is a chart that shows how the Exchange Reserve has changed for the different ETH and TRON-based stablecoins over the last few years:

The combined value of the metric has climbed up in recent days | Source: CryptoQuant on X

As displayed in the above graph, the stablecoins have seen their Exchange Reserve surge recently, implying there has been demand for depositing these tokens into exchange custody. The latest growth has mainly been driven by the two largest stables, USDC and USDT.

Following these recent net inflows, the indicator has been able to set a new record of around $68 billion. As for how the various platforms compare in their share of this liquidity, the below chart shared by CryptoQuant breaks it down.

The stablecoin Exchange Reserve separately for the major platforms | Source: CryptoQuant on X

From the graph, it’s visible that Binance holds the largest share of the indicator at $44.2 billion (67%). The next largest platform is OKX, having a reserve of just $9 billion.

These two exchanges have been the main platforms behind the recent growth in stablecoin liquidity.

The trend in the 30-day change of the metric for various platforms in 2025 so far | Source: CryptoQuant on X

Over the past month, Binance and OKX have seen stablecoin net inflows of $2.2 billion and $800 million, respectively.

Bitcoin Price

Bitcoin has failed another attempt at recovery as its price has slumped back down to the $110,700 mark.

Looks like the price of the coin has been moving sideways over the last few days | Source: BTCUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Binance Liquidity Flows Into Stablecoins As Bitcoin Exposure Cools
NFT Gaming

Binance Bitcoin Liquidity Flows Into Stablecoins As BTC Exposure Cools

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Bitcoin is currently consolidating around the $110K level after days of selling pressure and heightened uncertainty. The bullish momentum that carried BTC to its recent all-time high of $124,500 has slowed, and the market is now in a corrective phase. Bulls are attempting to defend key support zones, but fading strength suggests that consolidation could persist in the near term.

Top analyst Darkfost has highlighted a critical development on Binance: the BTC/Stablecoin reserves ratio is approaching levels that historically flash rare buy signals. This ratio measures the balance between Bitcoin reserves and stablecoin reserves on the exchange, offering insight into investor positioning and liquidity dynamics.

According to Darkfost, the current setup is significant because this signal has only appeared twice since the last bear market. Notably, the previous instance was in March, when Bitcoin retraced to $78,000 before igniting a powerful rally that drove it to new highs around $123,000. The potential re-emergence of this signal suggests that, despite short-term weakness, underlying liquidity conditions may be setting the stage for another upward move.

Bitcoin Reserves And Stablecoin Dynamics Signal Unusual Setup

According to analyst Axel Adler, a significant development is unfolding on Binance as the BTC/Stablecoin ratio approaches the critical level of 1. This ratio essentially shows that the amount of Bitcoin reserves held on the exchange is nearing equivalence with the stablecoin reserves also present there. In practical terms, this means that liquidity on the platform is shifting, with stablecoin reserves increasing relative to BTC holdings.

Binance Bitcoin/Stablecoin Reserve Ratio | Source: Darkfost

This trend suggests that Binance investors are not currently overexposed to Bitcoin. Instead, they are holding more dry powder in the form of stablecoins, positioning themselves for potential opportunities. The data is further reinforced by a new milestone: ERC-20 stablecoin reserves on Binance have just reached an all-time high of $37.8 billion. Such a figure confirms that demand and liquidity continue to flow into the platform at a steady pace, even as Bitcoin undergoes its current correction.

The implications are twofold. On one hand, the growing stablecoin reserves could provide the necessary fuel for a sharp rebound if sentiment shifts. On the other, Adler emphasizes that this type of setup has historically been observed in bear market environments, where stablecoin accumulation signals caution rather than risk appetite.

This contradiction makes the current situation especially intriguing. With Bitcoin consolidating after its run to $124,500, the market is entering a decisive stage. Monitoring how these reserves evolve in the coming weeks will be critical, as they may ultimately determine whether BTC finds renewed bullish momentum—or drifts into a more prolonged correction.

BTC Momentum Weakens: Consolidation Around $110K

Bitcoin’s price action on the 12-hour chart shows consolidation around the $110,800 level following a period of heightened volatility. After reaching its all-time high near $124,000, BTC retraced sharply and is now struggling to regain upward momentum. The price is trading slightly above the 200-day moving average (red line), which is currently acting as a key support zone around $111,700.

BTC testing key resistance | Source: BTCUSDT chart on TradingView

The 50-day (blue line) and 100-day (green line) moving averages remain above current levels, suggesting that Bitcoin is still under bearish short-term pressure. Until BTC reclaims the $113,000–$115,000 range, any recovery is more likely to be corrective than the start of a renewed bullish trend.

Resistance near $112,500 has capped recent attempts at recovery, while immediate support sits between $108,000 and $109,000. A decisive breakdown below this range could push BTC toward the $105,000 region, where stronger structural demand is located. On the other hand, a successful reclaim of $115,000 would increase the odds of another attempt toward $120,000.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Binance price consolidates near all-time high, rally to $1000 plus possible?
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Binance price consolidates near all-time high, rally to $1000 plus possible?

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Binance price has surged above the $700 multi-year range high, confirming a bullish breakout. With strong market structure intact, technical targets now extend toward $1,000 and potentially $1,450.

Summary

  • BNB breaks out above the $700 multi-year resistance range.
  • Market structure remains bullish with higher highs and higher lows intact.
  • Fibonacci extensions project upside targets of $1,000 and $1,450.

Binance (BNB) is trading in firmly bullish territory after breaking through the multi-year resistance at $700. This breakout highlights strong market momentum that has been building since support at $180 was established, marking a multi-year range bottom. Binance is committing significant resources to expand in Mexico’s financial sector, further strengthening long-term sentiment around BNB. With Fibonacci extensions pointing toward higher levels, there are signs for continuation.

Binance price key technical points

  • Range Breakout: BNB has breached the $700 multi-year resistance on a closing basis.
  • Market Structure: Consecutive higher highs and higher lows remain intact since the $180 range low.
  • Fibonacci Targets: $1,000 acts as the immediate resistance, with $1,450 as the next bullish extension.

BNBUSDT (1W) Chart, Source: TradingView

The decisive breakout above $700 represents a critical milestone for BNB. This level acted as resistance within a multi-year range, containing price for an extended period. A confirmed close above it indicates acceptance at higher levels and signals that the consolidation phase may have transitioned into a trending market.

BNB’s bullish market structure has been intact since it bottomed at $180, where price established a clear higher low before beginning its sustained rally. Since then, the chart has consistently printed consecutive higher highs and higher lows, a defining feature of bullish continuation. This structure not only validates the strength of the breakout but also increases confidence in the likelihood of further upside.

The Fibonacci extension levels add another layer of technical confluence. The $1,000 region has already been briefly tested, acting as both a psychological and technical milestone. If BNB can reclaim this resistance and close above it, the next measured move points to the $1,450 extension level. This projection suggests that while short-term consolidations may occur, the broader trajectory remains firmly skewed toward the upside.

Volume dynamics also support this breakout. While the initial move above $700 occurred with a surge in activity, the market is now consolidating, awaiting renewed influxes of demand. Sustained bullish volume will be required to drive continuation, especially as price approaches psychological levels where sellers are likely to emerge.

What to expect in the coming price action

As long as BNB remains above $700, the bullish outlook stays valid. A reclaim and breakout above $1,000 could trigger acceleration toward $1,450, continuing the multi-year uptrend. Failure to hold $700 would weaken the bullish thesis.



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Ethereum
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Ethereum Leads Market Rotation Amid Shifting Liquidity On Binance, Is A Rebound In Sight?

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After days of downward pressure and decline, Ethereum, the leading altcoin, appears to be staging a comeback as it surges toward the $4,400 price level. Despite the period of bearish price action, the second-largest asset continues to see serious interest from investors, especially on the Binance crypto platform.

Liquidity Migration, And Ethereum Is Dominating The Trend

As the market turns bearish, liquidity flows and investor behavior on Binance, the world’s largest cryptocurrency exchange, are revealing a clear market rotation. In the midst of this crucial market shift is Ethereum, as the altcoin heavily dominates the trend.

Following his analysis, Darkfost highlighted that ETH is gaining a disproportionate amount of trading activity on the Binance platform while capital moves across assets. This dominance of ETH indicates a renewed belief in the asset’s ongoing rally and long-term potential.

According to the on-chain expert and author, a noticeable change in investor behavior occurred on Binance during the month of August, which marked the first of its kind since 2023. Meanwhile, Ethereum took the center stage with a massive increase in trading volume over other major assets.

ETH trading volume surges | Source: Chart from Darkfost on X

In addition to dominating other major assets listed on Binance, the altcoin outpaced Bitcoin’s trading volume on the platform. This spike in interest coincides with ongoing market volatility, underscoring ETH’s developing position as the hub of momentum and liquidity in the exchange ecosystem.

Data shared by Darkfost shows that ETH recorded nearly $550 trillion in trading volume on Binance in August alone. After calculating Binance’s trading volume, this figure represents roughly 54% of the total volume. Darkfost also highlighted that investor interest in the altcoin seems to have increased sharply on the Binance platform, which has triggered a clear liquidity rotation. 

With most cryptocurrencies still struggling and Bitcoin recently reaching a new all-time high around $123,000, this dynamic has largely driven the increased attention to ETH and contributed to its current outperformance. Historically, a portion of the capital has tended to shift into ETH following a robust bullish leg from BTC before spreading to the rest of the market.

ETH Exchange Reserves Are Dropping

Another metric that reflects this renewed wave of interest is the Ethereum Exchange Reserve on Binance. Despite ETH’s continuous decline in price after reaching a new all-time high, Crypto Sunmoon’s quick-take post shows that demand for the altcoin remains strong compared to Bitcoin.

While Bitcoin reserves on the Binance platform have stayed comparatively constant, Ethereum reserves are exhibiting a persistent downward trend. According to the on-chain expert, this divergence implies that there is more demand for Ethereum than for Bitcoin, as market participants are actively accumulating ETH even during the present price consolidation phase.

Also, a declining exchange reserve is an indication that investors are moving their holdings off centralized exchanges to long-term storage or cold storage. Such a trend points to growing conviction among investors, which typically reduces selling pressure on ETH.

ETH trading at $4,310 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Binance Kicks Off September With 3 New Listings: This Hot Crypto Included
NFT Gaming

Binance Kicks Off September With 3 New Listings: This Hot Crypto Included

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Major crypto exchange Binance has revealed new listings at September’s start. In a recent blog post, Binance has announced it would be listing three trading pairs of cryptocurrencies BFUSD, Numeraire (NMR) and Qtum.

In a move to expand the list of trading choices offered on Binance Spot and enhance users’ trading experience, Binance has stated it will open trading for BFUSD/USDC, NMR/USDC and QTUM/USDC trading pairs on Sept. 2 at 8 a.m. UTC.

In addition, Binance will enable Trading Bots services for the following pairs on Sept. 2 at 8 a.m. UTC: Spot Algo Orders: BFUSD/USDC, NMR/USDC and QTUM/USDC.

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All eligible users will enjoy zero fees on BFUSD/USDC spot and margin trading pairs. This is as users will continue to enjoy discounted taker fees on all existing and new USDC spot and margin trading pairs until further notice.

In fresh listings, Binance has announced that World Liberty Financial (WLFI) will be added to Binance Simple Earn, Buy Crypto, Binance Convert, Binance Margin and Binance Futures.

BNB Chain marks five year anniversary

BNB Chain is celebrating its fifth anniversary, having launched in 2020. Over the past year, BNB Chain has seen growth in usage and adoption, with daily active users surging past 4.7 million. BSC has consistently averaged 1.12 million, and opBNB reached new highs.

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With the Maxwell and Lorentz hard forks, which launched earlier this year, BNB Chain became faster and more efficient. Block times were reduced to 0.75 seconds, while gas fees fell to as low as $0.001, in a boost for the BNB blockchain.

BSC processed $319.4 billion in DEX trading volumes to surpass major chains with daily volumes peaking at $13.3 billion. TVL peaked at $14 billion, while unique addresses on BSC exceeded 611 million, with more than 5,000 projects now building on BNB Chain.



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GameFi Guides

Binance Taps Compliance Veteran for APAC Role as Australia Tightens Oversight

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In brief

  • Binance has appointed SB Seker as Head of Asia-Pacific on Monday, who brings over 20 years of legal and regulatory experience.
  • The hiring comes weeks after AUSTRAC ordered Binance Australia to undergo an independent audit, citing “serious concerns” about anti-money laundering controls vulnerable to illicit money flows.
  • Industry experts view the appointment as a compliance strategy reinforcement and a signal to regulators that Binance is serious about meeting APAC standards.

Binance has appointed compliance veteran SB Seker as its new Head of Asia-Pacific, as the world’s largest crypto exchange seeks to navigate regulatory headwinds in the region.

The appointment comes just two weeks after AUSTRAC ordered Binance’s Australian arm to undergo an independent audit, citing “serious concerns” relating to anti-money laundering controls that could expose the platform to illicit money flows.

Industry experts have viewed the move as both strategic and timely, given the exchange’s ongoing compliance challenges in Australia.



James Volpe, founding director of Melbourne-based Web3 education firm uCubed, told Decrypt that “SB Seker’s background positions him as someone consistently brought into complex environments to strengthen compliance and regulatory frameworks.”

“For Binance, the appointment reinforces its compliance strategy while also signalling to regulators and users that it is serious about meeting standards in APAC,” he said.

Seker brings over 20 years of cross-sector experience, including roles as a litigator in Australia and a central banking lawyer at the Monetary Authority of Singapore. 

Most recently, he served as Senior Vice President at Crypto.com Group, overseeing global product development and regulatory matters.

Last month, AUSTRAC ordered Binance Australia to nominate external auditors after finding inadequate independent reviews and high staff turnover, with 18 days remaining to comply.

“AUSTRAC’s move is significant, sending a message that crypto exchanges must be held to the same standards of responsibility and compliance as traditional financial institutions, setting a precedent for closer scrutiny across the industry,” Volpe explained.

Joni Pirovich, founder of Australian crypto specialist law firm b’das*l, told Decrypt that “the appointment of an independent auditor is a serious but early step.”

She said AUSTRAC has “a range of tools to deal with findings from the auditor,” including directing Binance to remedy systems, enforcement action, further audits, imposing registration restrictions, and “in the worst case, to suspend or revoke the registration.”

“The hire of Seker could well mean that Binance recognizes the skills and experience needed for best cooperation with AUSTRAC and the auditor, and a best-case outcome,” Pirovich added.

In his new role, Seker will oversee regional operations and drive market adoption across APAC while strengthening engagement with policymakers. 

“I’m truly excited to join Binance to help shape a sustainable, innovative, and compliant future for the digital-asset ecosystem across the region,” Seker said in a statement on Sunday.

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BTC risks deeper slide to $100K. (GoranH/Pixabay)
Crypto Trends

Binance Becomes First Centralized Exchange to List Trump-Linked WLFI Token

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Binance is the first crypto exchange to list World Liberty Financial (WLFI), the Trump-family-linked decentralized finance (DeFI) project, with trading set to begin Monday afternoon UTC time, according to a recent announcement.

Deposits are already live, while withdrawals are scheduled to begin Tuesday. Binance will apply its “seed tag” designation, a label reserved for innovative but high-risk tokens.

Until now, WLFI tokens were non-transferable by design, a compliance-driven restriction meant to keep the presale tokens from being freely traded, and Binance’s listing marks the shift to allowing transfers and opening markets on a centralized exchange for the first time.

Following the Binance announcement, South Korean exchange Upbit also said it will list WLFI.

On Binance, to access WLFI trading, users must complete quizzes acknowledging heightened volatility and risk disclosures. The token will launch on three blockchains simultaneously: Ethereum, Binance Smart Chain, and Solana.

WLFI futures launched last week on the Hyperliquid decentralized exchange, where traders rushed to short the token, driving its implied valuation down to $24 billion from $44 billion within hours.

The debut on Binance provides the first spot market for WLFI itself, marking a turning point from its non-transferable token phase to full tradability.

Eric Trump and Binance founder Changpeng ‘CZ’ Zhao both recently spoke at BTC Asia in Hong Kong.



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Binance, other exchanges list WLFI token as trading begins
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Binance, other exchanges list WLFI token as trading begins

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World Liberty Financial’s WLFI token officially begins trading today, Sept. 1, with Binance and several other major exchanges listing the asset as its token unlock kicks in.

Summary

  • Binance and multiple exchanges launch WLFI spot trading as its first token unlock goes live.
  • 20% of presale allocations released via Lockbox, with future releases subject to community votes.
  • WLFI’s stablecoin expands to Solana with $2.2B market cap and ecosystem integrations.

Binance announced on Sept.1 that WLFI spot trading will open at 13:00 UTC with WLFI/USDT and WLFI/USDC pairs. Deposits opened earlier in the day, while withdrawals will follow on Sept. 2. The launch expands WLFI access beyond its pre-market futures, which had been live on Binance and Hyperliquid (HYPE) since late August.

Bybit, OKX, KuCoin, Gate.io, MEXC, Bitget, BingX, and HTX are also listing WLFI, ensuring broad coverage across centralized exchanges. Futures products, first introduced last month, gave traders early exposure, with WLFI pricing near $0.27 ahead of today’s debut.

WLFI token unlock and governance

The exchange listings coincide with WLFI’s first unlock event. Early backers from presale rounds at $0.015 and $0.05 can now claim 20% of their allocations, equal to about 5% of the 100 billion total supply. The remaining 80% will be released over time through governance votes.

A smart contract system known as the Lockbox, audited by Cyfrin, manages the distribution. The feature launched on Aug. 25, giving token holders a week to prepare for trading. Investors must activate their Lockbox to access unlocked allocations.

A key component of WLFI’s design is community control. Token holders have a say in project funding, unlock schedules, and Treasury decisions. In July, more than 99% of voters approved making WLFI tradable, transitioning it from a governance-only token to a fully liquid asset on Ethereum (ETH).

USD1 expands to Solana

Alongside WLFI’s debut, World Liberty Financial also announced that its stablecoin, USD1, is now live on Solana (SOL). Pegged 1:1 to the U.S. dollar, USD1 has already reached a $2.2 billion market cap in under 90 days, making it one of the fastest-growing stablecoins.

USD1 is now live on Solana – where capital markets finally move at internet speed.

USD1 is a stablecoin redeemable on a 1:1 basis for the U.S. Dollar, built for speed and control, running on a fast and scalable financial layer in DeFi.

USD1 brings stability. Solana brings… pic.twitter.com/FTNw3ChLCn

— WLFI (@worldlibertyfi) September 1, 2025

The Solana launch includes integrations with Bonk (BONK) for token launches, Kamino Finance for lending and borrowing, and Raydium (RAY) for trading liquidity. With USD1 joining other stablecoins, Solana now has $11.9 billion in circulating stablecoins.

Political and regulatory backdrop

WLFI has attracted attention outside of the cryptocurrency markets due to its ties to the Trump family. Potential conflicts of interest have drawn criticism, particularly in the wake of the GENIUS Act’s passage, which shapes the framework for digital assets in the United States.

While exchange support provides WLFI with instant liquidity, its political connections add uncertainty to its regulatory outlook.





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Ethereum
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Ethereum Supply Shock? Binance ETH Reserves Dip As Demand Gains Traction

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Even though Ethereum is facing bearish action after a pullback from its all-time high a few days ago, the second-largest crypto asset is still holding remarkably well above the $4,000 price mark. There has been a notable bullish response from ETH investors in the midst of the waning price action, as indicated by a rise in demand.

Demand For Ethereum Is Returning

Ethereum has continued its downward trend as the broader crypto market exhibits bearish action. Despite the continued negative pressure on price, Darkfost, an author and market expert, has disclosed a resurgence in sentiment among Ethereum investors on the largest crypto platform, Binance.

Darkfost highlighted that Ethereum’s market dynamics are shifting once again as fresh data reveals a sharp decline in reserves held on Binance. While demand for the leading altcoin has gained substantial traction in the broader crypto sector, the number of ETH on the crypto platform declined by about 10%.

This significant decline implies that investors are removing ETH from centralized platforms, a behavior frequently linked to long-term accumulation and growing confidence. During this period, increased market activity has been driven by rising demand, suggesting a potential supply squeeze that would intensify Ethereum’s next significant price rise.

Binance ETH reserve is dropping | Source: Chart from Darkfost on X

In less than a week, the number of ETH on the crypto exchange declined by 10 % from 4,975,000 ETH to 4,478,000 ETH, particularly between August 23 and 27. According to the on-chain expert, this kind of decline in Binance‘s Ethereum reserves, along with the fact that the trend has continued for several days, is an obvious indication of high consumer demand.

When reserves on crypto exchanges decrease like this,  investors would rather take their ETH out of the platforms. After this move, these investor either store their coins in personal wallets or carry out their tasks in DeFi in order to earn profits.

Offering a key takeaway, Darkfost noted that the consistent rate of this decline indicates that there has been a high demand for ETH in recent days, while Binance’s internal transfers might have contributed to the surge.

Large Capitals Are Flowing Into ETH

As the bull market extends, Ethereum is experiencing robust inflows, signaling growing institutional confidence. Following a prolonged period of stagnation, data from the leading analytics firm CryptoRank indicate a notable increase in inflows, as Ethereum gains widespread recognition among institutional investors.

Given that institutional participants are increasingly choosing long-term investing plans over short-term speculation, this renewed momentum demonstrates ETH’s resistance to significant market corrections.

At the time of writing, the price of ETH remains bearish and was trading at $4,398, demonstrating a nearly 4% decline in the last 24 hours. Investors’ sentiment has turned negative, as data from CoinMarketCap shows that its trading volume has reached a 10% decline in the past.

ETH trading at $4,370 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Tether, Binance, Chainalysis aid $47m pig butchering crackdown in APAC
Crypto Trends

Tether, Binance, Chainalysis aid $47m pig butchering crackdown in APAC

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Following a joint investigation with Chainalysis, OKX, Tether, and Binance, law enforcement in the Asia-Pacific region froze millions of dollars linked to pig butchering scams.

Summary

  • Authorities in the Asia-Pacific region froze nearly $47 million in USDT linked to pig butchering scams after an investigation involving Chainalysis, Tether, Binance, and OKX.
  • Pig butchering crypto scams have intensified over the years, costing victims billions worldwide.

Authorities froze almost $47 million in USDT after investigators traced victim deposits to crypto scam wallets operating out of Southeast Asia. Per the official report, investigators used Chainalysis’ blockchain tracing tools to follow funds from victims across dozens of addresses, uncovering transfers made between November 2022 and July 2023 to pig butchering wallets controlled by scammers.

In some cases, victims made multiple transfers within a single month, while others continued sending funds for as long as seven months into the same fraudulent addresses.

The stolen funds, amounting to about $46.9 million, in USDT (USDT) were initially consolidated in a single wallet, before being spread across five wallets. To maintain credibility with victims, scammers sent back small amounts, about $63,900 in one instance, to make the fake investments appear real. 

Once the scam network was mapped, Chainalysis shared intelligence with exchanges and regional authorities. Acting on this, stablecoin issuer Tether froze the funds in June 2024, with Binance and OKX helping confirm links between the wallets and scam activity.

We’re honoured to have worked with @okx, @Binance & @Tether_to alongside APAC law enforcement to investigate and freeze $50M in USDT tied to pig butchering scams.

🤝 Powerful example of how industry collaboration can combat sophisticated financial crime networks. Read more:…

— Chainalysis (@chainalysis) August 28, 2025

This action follows a similar U.S. case in late 2023, when Tether and OKX assisted the Department of Justice in freezing $225 million in USDT linked to human trafficking and romance scams. The seizure became one of the largest crypto cases in the agency’s history, with the funds eventually recovered a few months ago to provide restitution for victims.

What are pig butchering scams?

Pig butchering, sometimes called “romance” or “investment” scams, involves criminals building long-term relationships with victims, often through dating apps or random text messages. Once trust is gained, victims are persuaded to invest in fake opportunities, including fraudulent crypto schemes, before the scammers cut off all contact.

The illicit funds are usually laundered through various channels before being cashed out. The name “pig butchering” comes from the way fraudsters “fatten up” victims with trust before “slaughtering” them financially. 

Initially targeting Asian victims, these schemes now reach victims worldwide, with losses running into billions annually. In 2024, pig butchering scams wiped out $3.6 billion from the crypto industry, making them one of the biggest threats to the industry. 

Need for strong security measures to combat crypto scams

Beyond pig butchering scams, the crypto industry faces a wider range of threats from malicious actors. So far this year, losses from various scams and hacks have exceeded $3.1 billion. Despite the recoveries and crackdowns on these networks, the consistent trend of attacks, particularly as malicious actors adapt their tactics, highlights the need for stronger defenses. 

Educating users and strengthening industry-wide security practices are crucial to reducing exposure, and continued collaboration between industry members and law enforcement is essential to create a powerful front and ensure a safer crypto ecosystem.





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