đ Binance is facing one of the biggest security disasters in crypto history, with around $6.3 BILLION reportedly stolen!
The exchange temporarily stopped withdrawals while investigating the attack, but users may see withdrawal services returning within 48 hours. Binance says deposits are still working normally and all customer losses will be covered.
Around $2.8B worth of stolen assets has already been frozen by major players like Tether, Circle and Ripple. But the remaining billions in BTC and ETH are still creating concerns. đł
And here comes the interesting part...
The hacker reportedly used Aave and UniswapX to move around $365M in USDT before freezing actions started. By depositing USDT into Aave and borrowing WETH, the attacker managed to convert funds into ETH, which stablecoin issuers cannot directly freeze.
Aave founder also rejected claims that the incident created bad debt.
â ïž Now the big question is whether DeFi platforms have security gaps that hackers can exploit during major attacks.
Crypto security is facing a serious test right now!
The exchange temporarily stopped withdrawals while investigating the attack, but users may see withdrawal services returning within 48 hours. Binance says deposits are still working normally and all customer losses will be covered.
Around $2.8B worth of stolen assets has already been frozen by major players like Tether, Circle and Ripple. But the remaining billions in BTC and ETH are still creating concerns. đł
And here comes the interesting part...
The hacker reportedly used Aave and UniswapX to move around $365M in USDT before freezing actions started. By depositing USDT into Aave and borrowing WETH, the attacker managed to convert funds into ETH, which stablecoin issuers cannot directly freeze.
Aave founder also rejected claims that the incident created bad debt.
â ïž Now the big question is whether DeFi platforms have security gaps that hackers can exploit during major attacks.
Crypto security is facing a serious test right now!
