🚨 Binance lost $6.36B in ~20 minutes.

But the real story is who got rich while everyone panicked.

Gas wars, sandwich attacks, and bribes for block inclusion.

Here's what happened onchain behind the scenes 🧵👇

Oct 29, ~20:05 UTC: funds start draining from Binance hot wallets across 10 chains (EVM + non-EVM).

Before any official confirmation:
• 5,000 $BTC in fresh shorts on the top-7 exchanges
• $1.31B in longs liquidated
• BTC −5%, below $77K

Meanwhile, $HYPE went up.

The first thing bought into the dump was HYPE — spot and perps pumped on Hyperliquid while open interest on Binance was falling.

The buyers: the Hyperliquid Assistance Fund plus a cluster of fresh wallets and bots.

What the hacker did:

• Rushed to dump USDT, USDC and RLUSD before issuers could freeze them (~$3B got frozen anyway)
• Used Aave as a mixer: ≈$60M USDT in, ≈$44.6M ETH borrowed out
• Started dumping alts on DEXs, UNI first — and CEX/DEX spreads opened

The market split into 3 camps:

1) Shorters — mostly bots (Wintermute, Aurus Global & other funds). They farmed every alt transfer to a dump wallet: −1–3% instantly
2) Arbitrageurs — MEV bots + manual retail
3) Limit-order flippers on DEXs

$ARB ran in 2 waves:
• 20:30–22:00 UTC — high caps
• 23:00–01:00 UTC — mid & low caps

UNI (15–20% CEX/DEX spread) turned into a bribe war: bots paid builders $2.67M in bribes across 900 txs + $241K in tips.

jaredfromsubway sandwiched the hacker for +$157K.