Binance was hacked last night, potentially making this the biggest heist in crypto history.
Between $3.3 billion and $5.8 billion flowed out on-chain, including a single transaction of over $1.6 billion in USDT and 160,000 ETH.
But what’s really worth paying attention to isn’t “how much was stolen,” but this:
Tether and Circle froze over $2 billion in stablecoins within minutes.
When an exchange gets hacked, the ones who can really save the day are stablecoin issuers, thanks to their power to freeze funds.
Do you still think “stablecoins are just the on-chain version of the dollar”?
Between $3.3 billion and $5.8 billion flowed out on-chain, including a single transaction of over $1.6 billion in USDT and 160,000 ETH.
But what’s really worth paying attention to isn’t “how much was stolen,” but this:
Tether and Circle froze over $2 billion in stablecoins within minutes.
When an exchange gets hacked, the ones who can really save the day are stablecoin issuers, thanks to their power to freeze funds.
Do you still think “stablecoins are just the on-chain version of the dollar”?