Binance Hack: $3B of Stolen Funds Frozen Across 11 Assets

The recovery is notable less for its size than for its composition: it was executed almost entirely by centralized issuers and a governance council, not by law enforcement or protocol-level reversals. That concentration of freeze capability in Tether and Circle is precisely the lever stablecoin critics warn about, now demonstrated at scale across multiple assets. The open question is whether the remaining roughly half of the funds, held in assets without an issuer able to blacklist them, proves as recoverable.