TheBlock
The U.S. Department of Justice obtained court approval to seize or restrain more than $1.2 billion stolen from Binance, part of over $2.7 billion frozen through joint efforts by U.S. authorities and private companies. Investigators attributed the October hack to TraderTraitor, North Korean military hackers who drained more than $6 billion from the exchange. In a parallel action, the DOJ seized cloud infrastructure behind a scheme the FBI calls FaceStealer, which has produced more than $400 million in crypto theft over 18 months.
Elsewhere, Meta is testing an employee-only prediction-market app called Takes that wagers "cred" points instead of cash, arriving as Kalshi and Polymarket face state lawsuits over their event contracts. Two bitcoin addresses dormant for more than 16 years moved a combined 100 BTC worth around $6.9 million, after mining 50 BTC each in September 2010 when the coins were worth about $3 per address. JPMorgan lifted its Strategy holdings 36% in the third quarter to 848,932 shares, valued near $131.3 million, and separately holds 11.4 million shares of BlackRock's IBIT worth roughly $540 million, per its latest SEC filing. The White House also nominated four officials to vacant SEC and CFTC seats, several with direct crypto regulatory experience.
Why it matters
The DOJ action shows federal investigators dismantling laundering infrastructure rather than just naming suspects, and coordination with private companies is now recovering sums measured in the billions. Meta's entry into prediction markets, even as an internal points experiment, validates a category its regulators are actively litigating, while JPMorgan's filing confirms institutional accumulation continued through the quarter.
Market impact
Bitcoin slipped below $69,000 on Friday as Nvidia-related turmoil compounded jitters over the Federal Reserve's rate outlook, capping an otherwise institutionally constructive week. Watch next week's U.S. retail sales and Fed minutes, confirmation momentum on the four regulator nominees, and scheduled token unlocks for Cronos, Arbitrum, LayerZero, Starknet and KAITO.
Frequently asked questions
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How much of the stolen Binance funds has been frozen so far?
More than $2.7 billion has been frozen through efforts by U.S. authorities and private companies. The DOJ has now obtained court approval to seize or restrain over $1.2 billion of that amount, with investigators still tracing stolen assets.
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Who was behind the Binance hack?
The DOJ attributed the theft to TraderTraitor, North Korean military hackers who stole more than $6 billion from the exchange in October.
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What is Meta's Takes prediction-market app?
Takes is an employee-only app that lets Meta staff wager "cred" points, short for credibility, on event outcomes instead of real money. It is not publicly available, and it remains unclear whether Meta will release it.
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How much are the 16-year-dormant bitcoins worth now?
The two addresses moved 100 BTC worth about $6.9 million. Each address received 50 BTC as mining rewards in September 2010, when the coins were worth roughly $3 per address.
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What crypto positions did JPMorgan disclose in its SEC filing?
JPMorgan reported 848,932 Strategy shares worth about $131.3 million, a 36% increase, plus 11.4 million IBIT shares valued near $540 million, along with stakes in Coinbase, Robinhood and several bitcoin mining companies.
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