Decentralization is crypto's biggest selling point and least delivered promise. From Arbitrum's Security Council freezing $71M via multisig vote to Tether blacklisting addresses on command — the data shows most networks retain centralized kill switches. We break down the metrics that actually matter: Nakamoto Coefficient, validator distribution, admin key control, and token concentration.
When Arbitrum Froze $71 Million, It Raised an Old Question: What Is Decentralization?
