KEY POINTS
- About $2.85 billion of the $6.3 billion stolen in the Binance hack has been frozen, and 94% of that was held in stablecoins.
- Tether froze funds 37 minutes after they reached the hackers' main wallet, and Circle followed three minutes later.
- The column's author wants UK platforms to list only stablecoins whose issuers can be reached and follow a set freeze timetable.
A Cointelegraph opinion column says the Binance hack, which the FBI attributed last weekend to North Korea, shows how stablecoin freezes can limit the damage from crypto theft. Analysts describe the $6.3 billion theft as the largest on record, and about $2.85 billion of the stolen funds has been frozen.
