The $2.85B Binance hackers lost shows why the UK needs stablecoin freeze rules
Summary
An opinion piece argues that stablecoin issuers’ ability to freeze funds helped recover $2.85 billion of the $6.3 billion stolen in the Binance hack, but lacks clear rules on when freezes are justified. It proposes that the UK require stablecoin issuers listed on local platforms to provide a rapid contact channel and report freezes to the National Crime Agency the same day. Any freeze should expire unless supported by a court order. The author says these requirements could aid law enforcement while protecting users from indefinite, legally unsupported freezes.
