Circle said it froze approximately $1.1 billion in USDC during an investigation into an attack on Binance involving more than $6 billion in digital assets. The stablecoin issuer acted with law enforcement but clarified that a freeze does not determine ownership or whether the funds should ultimately be forfeited. Unlike Bitcoin, USDC is administered by an issuer that can block specific addresses through legal processes. The frozen funds should therefore not be treated as already returned to victims, as the investigation, ownership disputes and judicial decisions remain ongoing.
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