USDT and Crypto Security: Lessons from June’s $15 Million Hack Incidents

June 2025 started on a rocky note for the cryptocurrency sector as two major security breaches resulted in over $15 million in losses. These incidents, targeting cross-chain infrastructure, underscore the ongoing vulnerabilities within decentralized finance (DeFi) systems. The first attack exploited Force Bridge, a protocol on the Nervos Network, leading to the theft of $3.7 million in assets, including ETH, USDC, and other tokens. As the industry grapples with these security challenges, the role of stablecoins like USDT in maintaining trust and liquidity becomes even more critical. This summary delves into the details of the breaches, their implications for the crypto market, and the broader lessons for investors and developers alike.

Two Major Crypto Hacks Kick Off June with Over $15 Million in Losses

June began with two significant cryptocurrency breaches, resulting in combined losses exceeding $15 million. The attacks targeted cross-chain infrastructure, highlighting persistent vulnerabilities in decentralized finance.

The first incident involved Force Bridge, a Nervos Network protocol, where an attacker siphoned $3.7 million across ethereum and BNB Chain. Stolen assets included 539.09 ETH, 898,300 USDC, and 0.79 WBTC before being laundered through Tornado Cash. Despite Magickbase’s rapid response, the breach exposed critical security gaps in bridge technology.

A separate $11.5 million exploit compounded the damage, though details remain undisclosed. These events underscore the paradox of DeFi innovation: while cross-chain solutions enable interoperability, they create attractive attack surfaces for sophisticated hackers.

Tether’s Strategic Bitcoin Accumulation and U.S. Treasuries Dominance

Tether is quietly assembling a sovereign-grade balance sheet, amassing over 100,000 BTC as part of a long-term strategic play. This move signals a significant shift in its role within the Bitcoin ecosystem, transitioning from a stablecoin hedge to a major crypto accumulator.

The company now holds $120 billion in U.S. Treasuries, surpassing Germany’s $111.4 billion and ranking as the 19th-largest global holder of U.S. government debt. This positions Tether not just as a crypto market pillar but as a formidable player in traditional finance.

By converting passive yield from Treasuries into active crypto acquisitions, Tether is rewriting the rules of institutional balance sheet management. The 100,000 BTC reserve appears to be merely the opening move in a broader financial strategy.

Binance Maintains Stablecoin Dominance Despite Market-Wide Liquidity Drop

Binance continues to command the stablecoin market in 2025, holding nearly 59% of all reserves among top cryptocurrency exchanges. With $31.45 billion primarily in USDT and USDC, the platform far surpasses competitors like OKX ($8.21 billion) and Coinbase Advanced ($5.33 billion).

Market-wide stablecoin inflows have declined sharply, signaling shifting investor behavior. Binance nonetheless leads in BTC deposit activity, processing $180 billion in inflows this year. Exchange data reveals bitcoin transactions correlate closely with price movements—surges during dips and slowdowns above $110,000.