What if I told you that the fate of $91 billion depends on just two signatures? 🤯

The cybersecurity guys at #Hacken dissected $USDT under a microscope and found a few “interesting” surprises. Spoiler: there’s nothing decentralized about it.

Here’s what you should know:
🔴 On TRON, half of all the USDT supply (~$91.3B) runs on it. This is governed by a 2-out-of-3 scheme. Meaning a hacker only needs to steal TWO keys to gain control of this amount.
🔴 Ethereum, Avalanche, and Celo use the same sets of keys (a 3-out-of-6 scheme). Compromising three signers puts multiple networks at once at risk.
🔴 Freezing funds or issuing new tokens can be done instantly. There’s no time delay (no timelock) to give you a chance to stop the hack.
🔴 Smart contracts technically don’t restrict issuance. If they’ve gathered enough signatures for a quorum, tokens can be printed without limits—without any on-chain checks of the actual dollar reserves.

#Tether is convenient and liquid, but it’s a 100% centralized machine that runs on trust in a handful of people. Don’t put all your eggs in one basket!

Which stablecoin do you trust most for storing capital: USDT, USDC, or maybe DAI?