Binance Hackers Rushed to Convert Stolen Stablecoins into Unfreezable Crypto as Tether and Circle Moved to Freeze Billions

In the aftermath of the Binance hack, attackers moved swiftly to convert stolen stablecoins into cryptocurrencies that cannot be frozen by issuers. Industry giants Tether and Circle quickly moved to immobilize billions of dollars in assets, but the hackers’ rapid conversion tactics aimed to evade those freezes. The incident highlights the ongoing cat-and-mouse game between cybercriminals and centralized stablecoin issuers, who can blacklist addresses but only if they act before the funds are swapped. This event underscores the need for faster cross-industry coordination and raises questions about the security of even major exchanges. The race to launder the stolen funds is a stark reminder of the risks in the crypto ecosystem.