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Circle said it froze about $1.1 billion in USDC (USDCUSD) tied to the Binance hack in coordination with law enforcement, according to coinmarketcap.com. The stablecoin issuer also backed a legal safe harbor for asset freezes. The action underscores the role of centralized stablecoin issuers in rapid, coordinated responses to large-scale digital asset breaches.
Circle Freezes About $1.1B in USDC Tied to Binance Hack
Circle said it froze about $1.1 billion in USDC (USDCUSD) tied to the Binance hack, according to coinmarketcap.com. The stablecoin issuer said the action was taken in coordination with law enforcement.
Legal Safe Harbor Backed
Circle also backed a legal safe harbor for asset freezes, according to the report. The company disclosed the freeze and its position on the safe harbor in the same statement.
Key Facts
- Amount frozen: about $1.1 billion in USDC
- Link: tied to the Binance hack
- Coordination: carried out in coordination with law enforcement
- Policy position: Circle backed a legal safe harbor for asset freezes
The reported action places a centralized stablecoin issuer at the center of a coordinated response to a large-scale digital asset breach.