points by dickfickling 6 hours ago | 0 comments
So, what's the most likely outcome here? Maybe Circle/Tether/etc freeze some or most of it, but say the hacker gets a billion dollars. Are they able to launder it thoroughly enough that they can eventually turn it into fiat and live like a king?
[–] Eji1700 6 hours ago
Curious if this finally pops tether. I kinda doubt it, but to my very mild research on the subject I feel like binance was a big part of the equation. Of course so long as the market exists it'll need a stable, and it's got the inertia, so maybe it just won't matter.
[–] gfh687564 6 hours ago
why would it pop tether? if anything, it makes tether more profitable, as they can collect the yield on the treasuries and not have to return the principal dollars which are frozen.
think of it this way - if someone steals your iphone, and you lock it, does apple pop? No, apple sells you another one. locked devices are good for apple because it causes more demand.
[–] throwawaythekey 6 hours ago
Is that what happens here? Tether just pocket the difference?
[–] jwpapi 5 hours ago
No lol
[–] grey-area 5 hours ago
Because Tether is an obvious fraud linked to these other obviously fraudulent companies and predicated on trust in cryptocurrencies.
[–] evdubs 4 hours ago
It's really hard to be an obvious fraud when you've been publishing attestations for years and now you have a "full independent audit" from KPMG for FY 2025, just like Circle/USDC.
https://tether.io/news/tether-completes-the-largest-inaugura...
[–] zaptheimpaler 4 hours ago
Yeah, some criminal enterprise or state probably just made billions of dollars and will now use it against us for a long time. Crypto is practically designed for money laundering, particularly prediction markets.
[–] motionlessveloc 6 hours ago
You misspelled "turn it into more nuclear weapons in North Korea", where Kim Jong Un is already living like a king.
[–] schleck8 5 hours ago