After that 6.3 billion Binance theft, the money started getting frozen bit by bit
According to Bloomberg, the U.S. Department of Justice said Tether and Circle have frozen $2.7 billion in funds linked to the case. Of that, a court has approved the seizure of or restrictions on transfers of $1.2 billion.
The hackers haven’t been idle either. Elliptic data shows they used more than 20,000 addresses and made at least 65,000 transactions in the week after the incident, laundering funds through cross-chain bridges, mixers, and exchanges.
Binance covered the losses in full at the time using its profits and emergency funds, so users weren’t affected. Now, more than 40% of the funds have been frozen. We’ll see how much of the rest can be recovered.
Stablecoins are often criticized for being centralized, but in moments like this, that really does make them the last line of defense 🥲
$BNB
According to Bloomberg, the U.S. Department of Justice said Tether and Circle have frozen $2.7 billion in funds linked to the case. Of that, a court has approved the seizure of or restrictions on transfers of $1.2 billion.
The hackers haven’t been idle either. Elliptic data shows they used more than 20,000 addresses and made at least 65,000 transactions in the week after the incident, laundering funds through cross-chain bridges, mixers, and exchanges.
Binance covered the losses in full at the time using its profits and emergency funds, so users weren’t affected. Now, more than 40% of the funds have been frozen. We’ll see how much of the rest can be recovered.
Stablecoins are often criticized for being centralized, but in moments like this, that really does make them the last line of defense 🥲
$BNB