Binance probes $6.4B theft with FBI; Circle freezes $800M USDC

The scale of the coordinated freezes — Circle's USDC and Tether's USDT alongside Binance's law-enforcement work — shows stablecoin issuers are now a de facto enforcement layer in large crypto theft cases, not passive bystanders. That centralization cuts both ways: it can immobilize stolen funds quickly, but it also concentrates power over who loses access to their holdings. The open question is whether this level of multi-issuer coordination becomes routine, and how courts and regulators treat issuer freezes when legitimate holders are caught in the net.