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Binance's $6.3bn hack exposes crypto's dependence on the middlemen it was built to replace

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The National
“Binance's $6.3bn hack exposes crypto's dependence on the middlemen it was built to replace”

The most revealing part of crypto's largest theft was not the hack itself, but how much of the stolen money could be stopped by a handful of private companies. Within hours, Tether froze more than $1.56 billion of USDT, Circle blocked more than $800 million of USDC, and Ripple and World Liberty Financial added several hundred million between them. By Friday, Binance put the frozen total near $3 billion. An industry built to remove intermediaries had just relied on them to stop almost half the…

Read at The National
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