How $3 Billion of Stolen Crypto Got Frozen in Days — And Why Some Coins Can't Be Frozen
The fastest weapon against the Binance hacker was not police — it was the freeze button. Tether froze over $1.57 billion in USDT, Circle froze more than $800 million in USDC, Ripple froze around $200 million, and Arbitrum froze 74.56 million ARB plus 8,425 ETH. Together with other issuers, about $3 billion of the $6.3 billion loot was located and frozen within days.
It works because centralized stablecoin issuers can blacklist addresses and block tainted tokens from moving. But there is a hole: TRX has no freeze function, so the hacker split 120 million TRX, worth about $38.78 million, through fresh wallets to blur the trail.
One honest caveat: frozen is not returned. Getting those funds back still needs investigations and legal process, and some may never come back. Not financial advice, always do your own research.
Should every stablecoin have a freeze switch, or does that break crypto's promise?
$USDT $USDC $TRX
#Binance #BinanceHack #Tether #USDC #CryptoSecurity #CryptoNews
The fastest weapon against the Binance hacker was not police — it was the freeze button. Tether froze over $1.57 billion in USDT, Circle froze more than $800 million in USDC, Ripple froze around $200 million, and Arbitrum froze 74.56 million ARB plus 8,425 ETH. Together with other issuers, about $3 billion of the $6.3 billion loot was located and frozen within days.
It works because centralized stablecoin issuers can blacklist addresses and block tainted tokens from moving. But there is a hole: TRX has no freeze function, so the hacker split 120 million TRX, worth about $38.78 million, through fresh wallets to blur the trail.
One honest caveat: frozen is not returned. Getting those funds back still needs investigations and legal process, and some may never come back. Not financial advice, always do your own research.
Should every stablecoin have a freeze switch, or does that break crypto's promise?
$USDT $USDC $TRX
#Binance #BinanceHack #Tether #USDC #CryptoSecurity #CryptoNews
