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Live updates: Binance confirms $3 billion in crypto frozen in connection to hack
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Follow live updates as Binance says $3 billion in assets has been frozen after a multibillion-dollar hack, with further freezes possible as investigators trace funds.
Key facts
- World Liberty Financial has frozen $27 million in US-dollar-pegged stablecoin USD1 and $2 million worth of WLFI, according to Binance co-founder Yi He
- The update came after the Arbitrum Security Council said it executed a transaction to freeze $30.5 million from the Binance exploit, involving 74.6 million Arbitrum (ARB) and 8,425 Ether (ETH)
- In a governance forum update posted after the freeze, risk service provider LlamaRisk said the Binance exploiter deposited 60 million USDT and borrowed 19,762 Wrapped Ether (WETH), worth about $44.6
- The position remained backed by $59.9 million in USDT collateral against $43.8 million in debt at the update’s snapshot
Summary
Binance says the verified total frozen is $3 billion and could increase as investigators trace additional assets. Binance has temporarily suspended withdrawals and deposits as it investigates the security breach. Chainalysis estimates the amount of crypto stolen in the security breach is $5.9 billion. Circle, Tether, Ripple, World Liberty Financial and Arbitrum have helped to freeze billions in crypto assets.