UPDATE: Circle Freezes $1.1B in USDC Following DPRK-Linked Binance Breach
CIE News ·
Update to U.S. regulators question banks on exposure following $6.3B Binance exploit
Confirmed by official primary sources.
Circle has frozen about $1.1 billion in USDC under court orders following a $6 billion-plus Binance breach, which federal investigators attributed to threat actors connected to North Korea.
Circle Internet Financial froze approximately $1.1 billion in USDC in coordination with law enforcement following a security breach at Binance that affected more than $6 billion in digital assets. As previously reported, U.S. banking regulators opened supervisory inquiries into domestic depository institutions after the breach to evaluate systemic exposure and operational risks. Circle stated that the blacklists were executed pursuant to valid court orders, and the FBI attributed the breach to actors linked to the Democratic People's Republic of Korea.
According to Circle, digital asset attacks cross jurisdictions and platforms rapidly, requiring collective defense among stablecoin issuers, exchanges, and law enforcement. The company said its role is limited to executing valid legal processes to block fund movements while leaving determinations of asset ownership and forfeiture to prosecutors and courts. Meanwhile, pymnts.com reported that blockchain analytics firm Chainalysis identified hackers, allegedly belonging to North Korea's TraderTraitor group, routing a portion of the stolen funds through Chinese money-laundering channels.
Key facts
- $1.1B USDC frozen by Circle
- Over $6B affected in breach
- FBI links attack to DPRK
- Executed under court orders
Read the original at circle.com