Who made money from the Binance hack: Three camps, three ways to profit
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1) Short sellers: bots and large funds (Wintermute, Aurus Global, and others), plus some retail traders. Most of the profit came from shorting early and from every transfer of altcoins to a new wallet—the price instantly fell by 1–3% or more.
2) Arbitrageurs: MEV bots and retail traders acting manually.
3) Limit-order traders: retail traders placing orders on DEXs below the hacker’s sell orders.
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1) Short sellers: bots and large funds (Wintermute, Aurus Global, and others), plus some retail traders. Most of the profit came from shorting early and from every transfer of altcoins to a new wallet—the price instantly fell by 1–3% or more.
2) Arbitrageurs: MEV bots and retail traders acting manually.
3) Limit-order traders: retail traders placing orders on DEXs below the hacker’s sell orders.