Binance Assists in Freezing $7 Million of Stolen Bitcoin After $330M Crypto Heist

Blockchain analyst ZachXBT has revealed that approximately $7 million of the $330 million in Bitcoin stolen from a US crypto holder was frozen with Binance's help. The massive theft occurred when an elderly American fell victim to a social engineering attack, resulting in the transfer of 3,520 BTC across several exchanges and ultimately being laundered into Monero (XMR). The suspects, identified as a Somalian national running a call scam in the UK and an accomplice, used phishing tactics and created fake websites and calls to obtain sensitive credentials. Binance collaborated with crypto investigators to freeze part of the stolen funds. The case has highlighted ongoing security issues in the crypto space and triggered renewed concern for asset security, particularly among early adopters. Most of the stolen funds are believed to have been converted into XMR, making further recovery more challenging. Investigations are ongoing, with both law enforcement and the broader crypto community involved in tracing additional movement of the stolen assets.