The $2.85B Binance hackers lost shows why the UK needs stablecoin freeze rules

Opinion by Lissele Pratt, co-founder, Capitalixe

Last weekend, the Federal Bureau of Investigation claimed that North Korea was behind the $6.3 billion Binance hack, which analysts are calling the largest heist on record.

While I’ve read a lot about the scale of this heist, far less has been said about what went right.

Because while it is true that the perpetrators stole $6.3 billion, they haven’t actually been able to hold on to a significant proportion of those takings. $2.85 billion of the funds has been frozen.

The reason for this comes down to what the stolen money was comprised of. Of that $2.85 billion, 94% was held in stablecoins.