Ouch. A _former_ employee had active credentials to phish for.
> "@Tether_to has frozen the bad actor’s USDT."
Wasn't like, >30% of the point of crypto to not allow people to do this sort of high-level/centralized freezing?
The base level assets, like ETH and BTC, cannot be frozen like this, although centralized exchanges will often blacklist addresses (and the chain of custody) involved in major exploits.
We used to have DAI, which was fully decentralized and over-collatoralized by Ethereum tokens (the native currency of the platform DAI is rooted on) - but the founder mysteriously died as the DAO was taken over and made to begin collateralizing DAI against USDC and USDT, ironically.
It is a shame how far crypto has fallen culturally that this stablecoin business is some niche story. Most people are in it for the money, but many good people are not.
I think it's fine to have a spectrum of centralized assets and decentralized assets represented as tokens. Blockchains are public, permissionless, ledgers.
> Cantor Fitzgerald CEO Howard Lutnick on CNBC:
> "I'm a big fan of this stablecoin called Tether...I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries. They're over $90 billion now, so I'm a big fan of Tether."
https://twitter.com/leomschwartz/status/1734694800019063207 https://tether.to/en/transparency/#usdt
> Tether also reported all time high excess reserves of $2.44 billion.
https://www.theblock.co/post/230241/tether-attestation-repor...
Some links I found for further reading:
https://cointelegraph.com/news/makerdao-co-founder-nikolai-m...
Hello CIA
The blacklists need to exist as per regulations though.
I mean, unlimited Tether can be created or destroyed at the whim of some guy with a big button somewhere. The promise of crypto being the embodiment of true distributed governance went out the window with USDT ages ago.