Tether and Circle freeze Binance USDT after $6.43B theft

Hackers recently stole $6.43 billion from Binance, prompting Tether and Circle to quickly freeze millions in stolen USDT and USDC stablecoins using embedded blacklists. Additionally, Arbitrum's Security Council utilized its administrative powers to move stolen ether and ARB tokens out of the hackers' reach without needing private keys. Elliptic reported that roughly 44% of the stolen haul has been frozen or seized, highlighting how centralized switches embedded in various crypto assets allow entities to intervene in thefts. Open article →