Hackers swap $3 billion stablecoins to ETH after major exchange attacks

When a leading cryptocurrency exchange suffers a security breach, hackers typically start laundering stolen digital assets by rapidly converting them to Ether (ETH). Experts note that this move is not a signal of faith in ETH itself, but rather a strategic choice based on practicality, allowing greater control and speed while reducing the risk of exposure or asset freezes. This method was observed following significant incidents such as the Binance and Mercado Bitcoin attacks, where cybercriminals immediately moved large amounts of stolen tokens into ETH. The fundamental distinction between ETH and major stablecoins like USDT ( Tether ) and USDC (Circle) lies in centralized control. Both Tether and Circle possess administrative authority to freeze wallets holding their respective tokens.

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