Crypto Hack Laundering: $3B Frozen But ETH Untouchable

When a major exchange gets compromised, Crypto hack laundering begins. Stolen tokens are never normally hoarded or cashed out; they are simply traded for Ether. It’s not a vote of confidence in Ether; it’s simply about control, speed, and minimizing the potential for funds to be frozen, tainted, or unusable. That move was repeated after the Binance hack and the Mercado Bitcoin attack, where the attackers moved all the tokens into ETH in those first hours. The difference is fundamental in crypto hack laundering: issuer-controlled stablecoins like USDT and USDC have disabled addresses. Tether can blacklist one address and prevent USDT from moving. Circle can blacklist an address for USDC and halt deposits or withdrawals. Once frozen, neither balance can move unless the issuer intervenes.

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