Binance Hack Exposes Crypto's Centralized Reality as Industry Freezes Billions
The largest crypto theft in history, involving $6.3 billion from Binance, has forced the industry to rely on centralized controls, contradicting its core ethos of decentralization. While stablecoin issuers like Tether and Circle froze billions to limit losses, critics argue this proves crypto functions like traditional banking. The FBI has attributed the attack to North Korea, and Binance has committed to covering the losses for users.