If Crypto Can Be Frozen, Is It Yours?

Hackers stole $6.43 billion from Binance on Oct. 29, according to Elliptic, prompting Tether and Circle to freeze most of the stolen USDT and USDC within about an hour. That evening, the Arbitrum network’s oversight council also moved the hackers’ ether. The episode highlights how centralized control points—stablecoin issuers and layer-2 governance—can override crypto’s usual immutability. It matters because it sharpens the debate over whether tokens remain truly “yours” when issuers and councils can act unilaterally. Watch next for how Arbitrum’s council and stablecoin issuers handle future hacks, and whether users push back on centralized intervention.