BINANCE HACKER TACKLED THE FREEZES Stablecoins like USDT can be frozen by the company that issues them. ETH cannot. So the hacker had about 30 minutes to turn the stolen USDT into ETH. 4:34 PM ET: The first substitutions begin. Market makers on UniswapX (a trading app) bought stolen USDT for ETH, and the hacker paid about 15% of the market price for speed. By the time the freezes came, $729 million had been exchanged. 4:58 PM ET: Hacker pledges stolen 60 million USDT on Awa (crypto lending app) and borrows 19,762 ETH against it. The ETH went to the hackers wallets. The USDT remains stuck in AU. 5:01 PM ET: Contact and circle begin to freeze. $2.7 billion is currently blocked. -> Hacker was faster by 3 minutes 17:42 ET: Awa freezes its markets, but the loan remains open. Awa says the insurance covers it, so lenders are not at risk.

BINANCE HACKER TACKLED THE FREEZES Stablecoins like USDT can be frozen by the company that issues them. ETH cannot. So the hacker had about 30 minutes to turn the stolen USDT into ETH. 4:34 PM ET: The first substitutions begin. Market makers on UniswapX (a trading app) bought stolen USDT for ETH, and the hacker paid about 15% of the market price for speed. By the time the freezes came, $729 million had been exchanged. 4:58 PM ET: Hacker pledges stolen 60 million USDT on Awa (crypto lending app) and borrows 19,762 ETH against it. The ETH went to the hackers wallets. The USDT remains stuck in AU. 5:01 PM ET: Contact and circle begin to freeze. $2.7 billion is currently blocked. -> Hacker was faster by 3 minutes 17:42 ET: Awa freezes its markets, but the loan remains open. Awa says the insurance covers it, so lenders are not at risk.