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Fed and OCC check U.S. banks after $6.3 billion Binance hack

U.S. bank supervisors reached out to lenders this week after a $6.3 billion hack at Binance. A crime-fighting unit backed by Tether and Tron had wound down two months earlier.

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Photo: Federalreserve, Public domain, via Wikimedia Commons

Crypto ·

Supervisors from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) contacted U.S. banks this week. They wanted to check for weak spots after the $6.3 billion hack at Binance, the crypto exchange.

Crypto

Separately, the T3 Financial Crime Unit ended its work in late August, about two months before the hack. Tether and Tron had set it up. Tether issues the USDT stablecoin, a crypto token designed to track the U.S. dollar.

In numbers

  • $6.3 billionBinance hack size
  • $450 millionUSDT frozen by T3
  • 23jurisdictions worked with

Crypto

The unit said it had frozen more than $450 million in illicit USDT. It worked with authorities in 23 jurisdictions on those freezes.

The rest of the story

The material also points to a headline saying Binance gained $3.4 billion in tracked assets after the hack. It gives no further detail on that figure, so it is unclear who the new depositors are or where the funds came from.

Background

The T3 unit was a joint effort of Tether and Tron to work with authorities against illicit use of USDT.

MoneyVision newsroom · Published

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: Federalreserve, Public domain, via Wikimedia Commons

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