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- 🎉 The #CandyDrop Futures Challenge is live — join now to share a 6 BTC prize pool!
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🔒 11.3 million USDT frozen.
Centralized stablecoins like USDT contain an embedded freeze function in their contracts. This allows Tether to unilaterally blacklist certain wallets and lock funds. This action is irreversible.
Well, what does this mean?
You have money in the bank, but the bank suddenly locks your account, saying this account is suspicious. You can see your money, but you cannot use it. This is also possible with USDT because there is a company with control authority behind it.
This also shows us that:
Not every crypto is truly decentralized. Even if the wallet is yours, if the access rights are in someone else's hands, that money is actually not yours.
"Not your keys, not your coins" means exactly this.