Circle Freezes $1.1 Billion in USDC Tied to Binance Exploit

Circle froze about $1.1 billion in USDC tied to the Oct. 29 Binance security breach, blocking the funds at designated addresses but leaving completed blockchain transfers intact. Circle announced the freeze Nov. 5, saying it was coordinated with law enforcement and based on valid legal process. The company said the action did not decide who owns the frozen assets or amount to forfeiture. The breach involved unauthorized transfers from Binance hot wallets across multiple blockchains, beginning at about 4:20 p.m. ET Oct. 29. The total value was estimated at $6.4 billion. The FBI attributed the operation to North Korean actors associated with the TraderTraitor group and urged crypto businesses to block transactions tied to identified laundering addresses. Circle's blocklisting mechanism prevents designated addresses from sending or receiving USDC.

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