A $6.3 billion theft, with the fastest fee on the BTC chain at 2 sat/vB, 56,000 transactions awaiting confirmation, and a 21.8 MB backlog.
An unprecedented theft, yet not a hint of congestion on-chain—because the coins can’t be withdrawn and no one is dumping, so 18,270 BTC are just sitting there. What’s actually moving is stablecoins: USDC/USDT are trading at premiums of 8–12.5 bp across all three venues, with Binance the most expensive. Tether froze $1.567 billion and Circle froze $823 million; the cost of freezing is that trust is starting to become tiered. In the biggest hack ever, the market is pricing stablecoins first, then exchanges.
An unprecedented theft, yet not a hint of congestion on-chain—because the coins can’t be withdrawn and no one is dumping, so 18,270 BTC are just sitting there. What’s actually moving is stablecoins: USDC/USDT are trading at premiums of 8–12.5 bp across all three venues, with Binance the most expensive. Tether froze $1.567 billion and Circle froze $823 million; the cost of freezing is that trust is starting to become tiered. In the biggest hack ever, the market is pricing stablecoins first, then exchanges.
