Binance Freezes $3B as Recovery Races Toward the Hack Total
By Tobi Opeyemi Amure
AI summary of the source article
Binance announced that approximately $3 billion in funds connected to a suspected hack has been frozen. Deposits and withdrawals remain suspended while stablecoin issuers and the Arbitrum Security Council assist in freezing assets.
Why it matters
The faster the frozen total climbs, the smaller the bill behind Binance's "cover all losses" pledge becomes. That should ease counterparty worries even while the platform stays closed.
Key facts
- Binance confirmed the total frozen amount reached around $3 billion as of 00:52 UTC on 30 October.
- Tether froze over 1.567 billion USDT, Circle froze over 800 million USDC, and Arbitrum Security Council froze about $30.5 million.
- Binance suspended all deposits and withdrawals, promising a full post-mortem once its investigation concludes.
Source excerpt · FinanceFeeds
The amount frozen in the suspected Binance hack has reached about $3 billion, and it is growing faster than the estimates of what was taken. In an official update on X at 00:52 UTC on 30 October, Binance said "the current verified total frozen amount is around $3 billion." That is up from $2.54 billion at 23:22 UTC, roughly $460 million more frozen in 90 minutes, or about $5 million a minute. On t…