If Crypto Can Be Frozen, Is It Yours?

Hackers took $6.43 billion from Binance on Oct. 29, according to blockchain analytics firm Elliptic . Within about an hour, Tether and Circle, the companies behind the USDT and USDC stablecoins, had frozen most of the stolen dollars. That evening, a council that oversees the Arbitrum network moved the hackers’ ether and ARB, Arbitrum’s token, out of their address without needing their key. Elliptic says about 44% of the haul is now frozen or seized, against about 3% after the Bybit theft last year. None of the 18,270 stolen bitcoin has been frozen, and neither has the stolen ether on Ethereum itself. Crypto’s founding promise is that only the person holding a coin’s private key can move it.

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