About $1.4 billion of the Binance haul is bitcoin, and there is no button anyone can press to stop it. CoinDesk traced roughly 18,270 BTC leaving Binance's hot wallet in 11 transactions at 20:20 UTC on Thursday, all confirmed in block 973,732, then split across 19 addresses: 17 holding exactly 1,000 BTC each, one with 832.5 and one with 437.7. As of 04:23 UTC Friday none had moved, and the only new activity was spam deposits of a dollar or two. The difference from the stablecoins is structural. Tether and Circle control their token contracts and can blacklist an address, which is how billions of the stolen dollars got frozen within hours. Bitcoin has no issuer, so these coins can only be stopped when they touch an exchange, an over-the-counter desk or a swap service that cooperates. The playbook from February 2025 is the one to watch: in the Bybit theft, which the FBI attributed to the same North Korean group TRM Labs blames here, stolen ether was converted into bitcoin over about 10 days. For scale, Binance lost 7,000 BTC in its May 2019 hack. This time the bitcoin portion alone is more than 2.5 times the coin count.