Imagine: hackers stole $6.3 billion from Binance. You'd think the money was gone forever. But no! Almost half of it was effectively "on a leash."
The secret is stablecoins. USDT and USDC aren't ordinary bitcoin. Their issuers (Tether and Circle) have a "stop" button. They blacklisted the hackers' wallets—and billions turned into digital confetti. They can't be moved.
But there’s a catch. Decentralized coins (BTC, ETH) can’t be frozen—they have no “owner.” That’s why hackers rush to convert stablecoins into crypto before they’re blocked.
Bottom line: Tether and Circle froze ~2.4 billion. Binance covered its customers’ losses from its own reserves. And the FBI is already looking for North Korean hackers.
💡 Takeaway: crypto is transparent, but not always free.