DONK! 🦓

The Binance hack is a good case study in what can and cannot be frozen on-chain. How freezing works: Stablecoins like USDT and USDC have an admin “blacklist” built into each token contract. When an issuer blacklists an address, that token can no longer move from it. The address itself is not frozen: other tokens in the same wallet can still move. Every chain has its own contract, so issuers have to blacklist the address separately on each chain. Frozen does not mean returned. The issuer can later burn the frozen tokens and reissue them to the victim, usually through law enforcement. Already frozen: USDT (Ethereum): ~$1.38B verified on-chain across the main attacker address and downstream wallets (Tether reports $1.57B+ in total) USDC (Ethereum): ~$823M (Circle, in coordination with law enforcement) RLUSD: ~$200M (Ripple, per Binance co-CEO Yi He) Arbitrum: ~$30.5M (Arbitrum Security Council) USD1: ~$27M, plus ~$2M in WLFI (World Liberty) PAXG (Paxos Gold): $8M+ Paxos froze 1,906.67 PAXG in the attacker’s main wallet Not frozen yet, but can/could be: USDT moved before the freeze: ~$700M on Ethereum, though much of it has already been swapped into ETH USDT on Tron: ~$613M, not frozen per the latest on-chain data. Some trackers say it’s unclear whether this was the attacker or Binance moving funds. XAUt (Tether Gold): issued by Tether, which controls the contract wBETH: issued by Binance itself, which controls the contract Cannot be frozen: BTC: ~16,700-18,300 BTC (~$1.3-1.44B), with attribution still being confirmed ETH: ~197K ETH taken directly, plus more acquired through swaps TRX: ~46.4M Other tokens: UNI, ENA, LINK, AAVE and PEPE This explains why the attacker has been swapping stablecoins into ETH and borrowing ETH against USDT on Aave: they’re moving value into assets no one can freeze.