That hasn't been true for years.

Back in 2016 a then-huge Ethereum smart contract called "The DAO" [1] had a loophole that let an attacker extract a third of all the funds.

But a lot of the developers and miners had either lost money themselves, or had friends who'd lost money, or felt the embarrassing incident was devaluing their own Ethereum holdings. So they decided to allow takesies-backsies.

There's probably a philosophical lesson there about power and who the rules really apply to.

[1] https://en.wikipedia.org/wiki/The_DAO

Those who cannot understand the monetary system are doomed to reimplement it.

Doesn't apply for USDT and USDC which can freeze funds with a court order.

And like the DAO hack on Ethereum showed, if most people who run blockchain software decide that something never happened, they can revert transactions that way.

The value in USDT and USDC comes from the fact that they can (theoretically) be redeemed for real US dollars. One thing the issuers can do is announce "we will never accept redemption requests for these particular stolen coins", making them more or less worthless.

That was already proven false after ETH fork on 2016-07-20, that rolled back funds stolen in DAO hack.

Centralized decentralization

Turns out that even crypto's rules only apply if you're poor.

It’s always been that the voters determine reality.

Stablecoins like Tether and USDC can freeze funds held in their contracts, they can even destroy funds in blacklisted accounts:

> function destroyBlackFunds (address _blackListedUser) public onlyOwner

The idiots that wanted no takebacks are the same ones who lacked the critical thinking ability to foresee this exact situation.

Well, Tether was started by an Epstein friend and first handled by the CIA Deltec bank in the Caribbean. Now it is handled by Lutnick's Cantor & Fitzgerald and is in Bukele's El Salvador.

Don't mess with Tether, it is practically state owned.

Most crypto is "majority rules" where the majority is either "majority of the currency" (proof of stake) or "majority of the mining power" (proof of work).

In this case, iFinex has the explicit ability to freeze funds in Tether.