Attackers behind the Binance theft are using DeFi lending protocols on Tron to reduce their exposure to stablecoin freezes, Chainalysis said on October 31. The analytics firm said it had observed the technique since the early hours of the exchange’s multibillion-dollar breach.
One method we’re tracking involves stashing their stablecoins in DeFi protocols.
— Chainalysis (@chainalysis) October 31, 2026
The distinction is between holding stablecoins directly and holding deposit receipts representing claims on pooled assets. Chainalysis says those receipt tokens lack the issuer-level freezing controls of the underlying stablecoins, giving attackers another way to move value while investigators seek to restrict stolen funds.
Its illustrated case follows approximately $500,000, rather than quantifying all Binance proceeds routed through the method. Chainalysis stressed that subsequent conversions do not make the funds untraceable. The findings add to the recovery investigation, where frozen assets remain distinct from money returned to customers.
Separately, Chainalysis disclosed its own security breach on October 30. Its official notice confirms unauthorized access to systems and internal tools, with customer user IDs, names, email addresses and organizational role labels among the records accessed. The company has notified customers.
Based on its investigation so far, Chainalysis says it has found no indication of unauthorized access to investigative graphs, notes or cases, transaction or query results, clear-text passwords, MFA secrets or session tokens. It explicitly states that its incident is unrelated to the Binance theft.
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