Circle said in a November 5 statement that it had frozen approximately $1.1 billion in USDC linked to a reported Binance exploit while coordinating with law enforcement. Circle described an attack involving more than $6 billion in digital assets, but said the investigation and identification of relevant funds were still ongoing.
The freeze does not establish who owns the assets or whether they will be forfeited or returned to customers. Circle said it acts on valid legal process and leaves decisions about alleged crimes and asset ownership to law enforcement and the courts. The full scope of the incident and any eventual recoveries remain unverified.
