Circle co-founder and CEO Jeremy Allaire said the company is closely monitoring a potential security incident involving Binance and has already frozen more than 800 million USDC tied to the case at the request of law enforcement coordinators. He added that Circle will continue to assist with the investigation. In response, OKX Star said Circle and Tether performed well in this episode and argued that the crypto sector should build an industry-wide security response framework. The proposal covers exchanges and stablecoin issuers and centers on a real-time alert system that would let participants share information as soon as an attack is detected, coordinate a rapid response, and temporarily freeze suspicious funds before stolen assets are moved or laundered. OKX Star also said speed is critical and called for standardized operating procedures, clearly defined responsibilities, and proper safeguards so action can be taken in minutes rather than hours or days. The statement framed user and asset protection as a shared responsibility for the entire industry, not the job of a single platform.
Circle co-founder and CEO Jeremy Allaire said the company is closely monitoring a potential security incident involving Binance.
According to Allaire, Circle has frozen more than 800 million USDC linked to the case at the request of law enforcement coordinators and will continue to cooperate with the investigation.
OKX Star pushes for an industry-wide response framework
Responding to the development, OKX Star said Circle and Tether performed well in this case. It added that the crypto industry, including exchanges and stablecoin issuers, should work together on an industry-level security response mechanism.
OKX Star proposed a real-time alert system so participants can share information immediately once a hack occurs and coordinate a fast response, allowing suspicious funds to be temporarily frozen before stolen assets are transferred or laundered.
Focus on acting within minutes
OKX Star said response speed is critical. The industry should set standardized operating procedures, define responsibilities for each party, and put appropriate safeguards in place so action can be taken within minutes rather than hours or even days.
It also said protecting users and their assets should be a shared responsibility across the industry, not the sole duty of any single platform.
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