Circle Watched Hackers Bridge $232M for 6 Hours — and Did Nothing

Description

Circle had six hours during business hours to freeze $232 million in stolen USDC while attackers bridged it from Solana to Ethereum. They chose not to. Former federal prosecutor Amanda Wick and Turnkey's Michael Lewellen join Laura Shin to discuss why Circle's inaction was the equivalent of letting unarmed bank robbers steal all the bank’s money and walk out. This clip is from a longer conversation on the Drift hack and DPRK's intelligence operation. Full episode here: https://youtu.be/d2SkpalBGh4 We go live every Tuesday and Thursday ET. Subscribe to catch it live. ________________________________________________________________________________________________ Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more. Citrea enables: → cBTC: The first trust-minimized Bitcoin on a fully programmable platform. → ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. → Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem http://citrea.xyz/unchained ________________________________________________________________________________________________ Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else. Your bank is charging you to use your own money. Laura switched and loves her card! Go to http://ether.fi/unchained to claim your offer. Chapters: 💰 00:00 Why hackers bridged $232M USDC with impunity 🏛️ 01:30 Michael on Circle's established policy of slow freezing ⚖️ 04:00 Amanda's bank robbery analogy for Circle's inaction 🔍 05:30 The Zach XBT contradiction: wrong freezes vs. no freeze 📋 06:30 Why Circle's terms of service make their choice harder to defend ________________________________________________________________________________________________ #bitcoin #ethereum #crypto #cryptocurrencies ________________________________________________________________________________________________ Subscribe to our channel! Website Chttps://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!