The hackers are now in a bind, and greed has cost them dearly.
Focus here for a moment…
The hacker knows that keeping his USDT would allow Tether to freeze his funds, so he deposited it as collateral in the decentralized lending protocol Aave and borrowed Ethereum against it. In other words, he converted the funds into smart contracts that are difficult to freeze.
As a result of borrowing a very large amount, the health rate indicator for the wallet dropped to 1.06!
Forced liquidation occurs at 1.
Now, since his debt is denominated in ETH and his collateral is a stablecoin (USDT), any increase in the price of Ethereum means the value of his debt increases, bringing him closer to the liquidation threshold.
That means if Ethereum rises by just 6%, automatic liquidation bots will step in immediately,
seize the USDT collateral to repay the debt, and collect their fee for free!
#BinanceSAFUFundTransferCompleted7499BTC
#BinanceRecovery90% of stolen assets
$ETH
$NEAR
Focus here for a moment…
The hacker knows that keeping his USDT would allow Tether to freeze his funds, so he deposited it as collateral in the decentralized lending protocol Aave and borrowed Ethereum against it. In other words, he converted the funds into smart contracts that are difficult to freeze.
As a result of borrowing a very large amount, the health rate indicator for the wallet dropped to 1.06!
Forced liquidation occurs at 1.
Now, since his debt is denominated in ETH and his collateral is a stablecoin (USDT), any increase in the price of Ethereum means the value of his debt increases, bringing him closer to the liquidation threshold.
That means if Ethereum rises by just 6%, automatic liquidation bots will step in immediately,
seize the USDT collateral to repay the debt, and collect their fee for free!
#BinanceSAFUFundTransferCompleted7499BTC
#BinanceRecovery90% of stolen assets
$ETH
$NEAR
