Binance Freezes $2.8 Billion in Stolen Assets Amid Ongoing Investigations
Written with artificial intelligence.
Binance has frozen approximately $2.8 billion in stolen assets, while $2.9 billion remains in the attackers' wallets. The company plans to cover the losses using its SAFU fund and company resources, with withdrawals expected to resume within 45 hours.
Binance Asset Freeze
Binance recently announced the freezing of approximately $2.8 billion (about 3.74 trillion KRW) in stolen assets following a security breach, while $2.9 billion (around 3.91 trillion KRW) remains in the attackers' wallets. According to a BlockSec analysis cited by PANews, the frozen assets primarily consist of stablecoins and gold-pegged tokens. Furthermore, the project and chain-related measures have been assessed at $38.47 million (approximately 51.5 billion KRW).
Withdrawal Resumption Plans
To address the situation, Binance stated that it would fully cover the losses using its Secure Asset Fund for Users (SAFU) and company funds. The company plans to resume withdrawals within 45 hours; however, BlockTempo reported remarks from Co-CEO He Yi suggesting a potential resumption within 42 hours, indicating a slight discrepancy from the official announcement.
Broader Economic Context
In related economic news, the U.S. Consumer Price Index (CPI) for September showed an annual increase of 3.7%, while the Personal Consumption Expenditures (PCE) index rose by 3.6%. Despite these inflationary pressures, the Federal Reserve has chosen to hold interest rates steady. The Federal Open Market Committee (FOMC) confirmed the benchmark interest rate remains at 3.75-4.00%, although some members expressed a preference for a 0.25% rate hike.
DeFi and Stablecoin Trends
In the decentralized finance (DeFi) sector, total value locked (TVL) has decreased to $83.95 billion (around 112.3 trillion KRW) as of October 30, the lowest since August 21. Additionally, the supply of stablecoins was reported at $296.6 billion (approximately 396.9 trillion KRW), dipping below $300 billion for the first time since October 24. The XRP Ledger's stablecoin supply increased by 25.2% in Q3, but transaction volumes fell by 33.6% during the same period.