Let’s盘盘 (take a closer look at) this “epic-level stolen-funds recovery” incident.
Here’s what happened, so to speak, Auntie-style:
Bitget was hacked, and $387 million was stolen. Everyone was hoping Circle and Tether (the issuers of USDC and USDT) would come in with a show of force—an “all-at-once freeze” to get the money back.
So what happened? On-chain data shows that Circle and Tether indeed worked together and froze a total of… $318,000—(specifically, 99,990 USDC and 218,023 USDT).
You heard that right: $387 million was stolen, yet only $318,000 got frozen—barely even a fraction of it. That’s just 0.08%!
This isn’t “recovering stolen funds.” This is straight-up charity. I’m about to die laughing.
Why was only such a small amount frozen?
Because the hacker ran faster than a Hong Kong reporter. Before Circle and Tether even reacted, the attacker had already converted most of the stablecoins into ETH.
Underneath it all, there’s an extremely annoying core contradiction (pay attention, this is the key point):
For coins native to public chains like ETH and BTC, there’s no issuer—so nobody can execute a one-click freeze. No matter who you are, you’re powerless.
Only centralized, issued stablecoins like USDT and USDC can be frozen.
So now the deadlock is:
1. Stablecoins are controllable: the upside is they can be frozen; the downside is your assets can be capped or frozen by the issuer at any time—with zero privacy and no decentralization.
2. Native chain coins are uncontrollable: the upside is nobody can lock you up; the downside is once they’re stolen, even if gods descend, you still can’t get them back—you just have to watch.
How frustrated must Bitget be right now?
It’s said the platform has already launched a bounty program: 5% reward for helping freeze the funds, and another 5% if the funds are successfully recovered. But the problem is—if even a platform that big can’t do anything, what can retail users possibly accomplish?
If you find the hacker’s address, what then? Even if you find it, you can’t freeze it, and you can’t recover it either. It’s just pure helpless staring.
This textbook-level money-laundering operation really ripped the curtains off the crypto world’s hypocrisy. Going forward, the U in everyone’s wallet might “just disappear” one day.
Brothers, when you mix in the coin world, do you think you should choose stablecoins that can be frozen at any time—or ETH/BTC that’s absolutely free but can’t be recovered if it’s gone? $CRCL $BTC $ETH
Here’s what happened, so to speak, Auntie-style:
Bitget was hacked, and $387 million was stolen. Everyone was hoping Circle and Tether (the issuers of USDC and USDT) would come in with a show of force—an “all-at-once freeze” to get the money back.
So what happened? On-chain data shows that Circle and Tether indeed worked together and froze a total of… $318,000—(specifically, 99,990 USDC and 218,023 USDT).
You heard that right: $387 million was stolen, yet only $318,000 got frozen—barely even a fraction of it. That’s just 0.08%!
This isn’t “recovering stolen funds.” This is straight-up charity. I’m about to die laughing.
Why was only such a small amount frozen?
Because the hacker ran faster than a Hong Kong reporter. Before Circle and Tether even reacted, the attacker had already converted most of the stablecoins into ETH.
Underneath it all, there’s an extremely annoying core contradiction (pay attention, this is the key point):
For coins native to public chains like ETH and BTC, there’s no issuer—so nobody can execute a one-click freeze. No matter who you are, you’re powerless.
Only centralized, issued stablecoins like USDT and USDC can be frozen.
So now the deadlock is:
1. Stablecoins are controllable: the upside is they can be frozen; the downside is your assets can be capped or frozen by the issuer at any time—with zero privacy and no decentralization.
2. Native chain coins are uncontrollable: the upside is nobody can lock you up; the downside is once they’re stolen, even if gods descend, you still can’t get them back—you just have to watch.
How frustrated must Bitget be right now?
It’s said the platform has already launched a bounty program: 5% reward for helping freeze the funds, and another 5% if the funds are successfully recovered. But the problem is—if even a platform that big can’t do anything, what can retail users possibly accomplish?
If you find the hacker’s address, what then? Even if you find it, you can’t freeze it, and you can’t recover it either. It’s just pure helpless staring.
This textbook-level money-laundering operation really ripped the curtains off the crypto world’s hypocrisy. Going forward, the U in everyone’s wallet might “just disappear” one day.
Brothers, when you mix in the coin world, do you think you should choose stablecoins that can be frozen at any time—or ETH/BTC that’s absolutely free but can’t be recovered if it’s gone? $CRCL $BTC $ETH