Holy shit
The Binance hacker might have just pulled off one of the smartest moves I’ve seen in crypto.
First, Tether froze $1.5 billion in USDT.
Then Circle froze another $800 million in USDC.
At that point, it looked like the hacker’s money was trapped.
But apparently, he had already planned for that.
Instead of holding the stolen USDT in a wallet, he allegedly deposited it into Aave and used it as collateral to borrow ETH.
Then he walked away.
That’s where the story gets crazy.
Tether can freeze the USDT sitting in the wallet.
But it can’t freeze the ETH he already borrowed.
So now Aave is left holding frozen collateral, while the hacker is sitting on liquid ETH.
And unless the protocol can recover it somehow, he may not even need to pay the loan back.
Two companies froze billions of dollars in seconds.
But someone who understood how to use DeFi may have found a way around both of them.
Pretty insane when you think about it.
Readers added context they thought people might want to know
The frozen $1.5B+ USDT and $800M+ USDC were held in the attacker's main wallet (shown in the post's image), not Aave. Only ~$60M USDT from a related wallet was deposited into Aave pre-freeze to borrow ~$45M ETH.
governance.aave.com/t/binance-hot-…
decrypt.co/382191/binance…
coinstats.app/news/1f0734d0f…
Caesar retweeted
if you live in the uk and do crypto get the fuck out
just got my house invaded, taped up held at knife point & robbed for $800k
in so much shock i dont know what the fuck to do, fuck this country. No this is not satire, i fucking wish it was.
wallet with stolen funds
solscan.io/account/B3pMs331k…
Pinnacle of hedonism
Burn the world
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The jews wen they realized they’re losing market share.
Fuck you this came too late
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'fees go to the dev, we need cashback' broke ass niggas make money stop crying about not getting pennies
