The U.S. Department of Justice announced that the court had given the green light to seize $1.2 billion worth of coins stolen from Binance. On the same day, Binance said that it had fully compensated for the stolen funds. Both sides are announcing good news, but they’re not talking about the same money at all.

This $1.2 billion wasn’t newly recovered. It’s money that had already been frozen; this court ruling merely allows forfeiture proceedings to go ahead. More than $6 billion was lost on the night of October 29. So far, authorities and private entities have frozen about half of it, while the other half is still being moved around by the hackers.

Binance’s compensation and the recovery of stolen funds are two different things. The company paid out of its own pocket, using SAFU, the Futures Insurance Fund, and its own funds—it didn’t wait for the stolen money to be recovered before paying. The hackers haven’t been idle either; they’re still moving money through bridges and mixers. The market fell along with them today, and $BTC dropped below $70,000.

My take is straightforward: this court document is good news, but don’t mistake it for getting the money back. Recovering stolen assets is a long battle; Binance covering the losses itself first would be the real reassurance users can count on. I’ll check the numbers after the close on Sunday, November 15, and see whether Bitcoin can get back above 70,000.

#币安 #Hacker