Crypto exchange Bybit has uncovered undisclosed code that could freeze user funds on 16 major blockchains. This revelation has sparked debate about the decentralization and transparency of blockchain technology. Bybit’s technical team discovered ‘freeze functions’ within smart contract systems, potentially stopping transactions or restricting fund access without user consent. While Bybit hasn’t released a complete list, it highlights that widely-used DeFi and layer-1 networks may be affected. This discovery challenges the notion that blockchain is fully trustless and free from centralized control. Users are raising concerns about ownership, security versus control of such features, and the potential erosion of trust in blockchain systems. Experts call for greater transparency through open-source code, visible governance structures, and audits to ensure accountability.