The exploit began around 4:36 P.M. on Nov. 11, with the unknown attacker quickly converting the stolen stablecoins for ether (ETH), which was then sent to low liquidity but noncustodial exchanges including FixedFloat and ChangeNow before being converted to bitcoin (BTC), using the permissionless THORChain bridge.
Hacks like this happen All Of The Time in crypto, and is likely only being discussed because of the alleged victim: world's largest exchange Binance. The paltry sum, $27 million, may be part of the ingenuity of the hacker, who appears smart or experienced enough to know that had he kept the stolen funds in USDT the cache likely would have been frozen by the stablecoin's issuer, Tether.
According to on-chain data, the attacked wallet received $26 million from another Binance hot wallet called 'Binance 16' on Nov. 5. This may speak to and against the Binance Insider theory, in that someone at Binance may be privy to know the wallet was recently topped.
[
add
]
[
|
|
...
]