Binance hacker’s move might be the cleverest on-chain escape I’ve ever seen. T… · @jaker_Q · TwKit

@jaker_Q

Binance hacker’s move might be the cleverest on-chain escape I’ve ever seen. Tether froze $1.5 billion worth of USDT first, and then Circle froze $800 million worth of USDC. Everyone thought the hacker’s funds were trapped. But the hacker had anticipated the freeze long before. He deposited the stolen USDT as collateral in Aave and borrowed ETH, then abandoned the collateral. Tether could only freeze the USDT in the wallet; the borrowed ETH was beyond its control. The collateral is now locked inside Aave, and the hacker can freely transfer the ETH. If the protocol fails to come up with a recovery plan, he may not have to repay the loan. The two platforms locked billions of assets in one go. Leveraging DeFi lending rules, the hacker bypassed the freeze. This scheme is absolutely insane.

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