ice_73 | BIP-420 🐱 retweeted
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…
ice_73 | BIP-420 🐱 retweeted
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Anyone else notice the new song in the bathroom @FomiesNFT #fomies
Spooky season 🤔
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Hey, anyone down for #fomies briefcase follow briefcase. If you got a briefcase lmk so I can follow you. Want to get to know more of this excellent community
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ice_73 | BIP-420 🐱 retweeted
BOO!
Things are getting spooky at the Department of Fomo this month.
Management has advised that you stay alert! 🚨
the department of fomo left me a briefcase. i've been told not to ask about the pickle. @FomiesNFT #Fomies
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the department of fomo left me a briefcase. i've been told not to ask about the pickle. @FomiesNFT #Fomies
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So my thoughts about @FomiesNFT and a @agudcompany seem to be confirmed. Not only is the art banger but it’s a whole new launchpad that comes along with it!!!! @muchl33t awesome work!!! Awesome work Everyone involved !!!!!!
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So my thoughts about @FomiesNFT and a @agudcompany seem to be confirmed. Not only is the art banger but it’s a whole new launchpad that comes along with it!!!! @muchl33t awesome work!!! Awesome work Everyone involved !!!!!!!
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222 RBTC community airdrop. Sealed Bitcoin Ordinals. Built one piece at a time. Check your address if you eligible and join the RBTC campaign ↓ rbtc.one/rbtcairdrop
xitter.cf/rbtcone/status/2105905…
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