@not_a_newtTether and Circle can lock USDT whenever they want. ETH doesn't work that way. That gap is what the BINANCE HACKER was racing against on Oct 29, 30, and it came down to a three-minute margin. Swaps kicked off at 4:34 PM ET on UniswapX, with market makers trading ETH for the stolen USDT. Speed mattered more than price, so the hacker ate roughly 15% over market. $729 million in USDT had already been swapped by the time freezes landed. Then at 4:58 PM ET, 60 million stolen USDT went up as collateral on Aave, and 19,762 ETH came back as a loan. The ETH moved out to the hacker's wallets. The USDT stayed locked in Aave. At 5:01 PM ET, Tether and Circle began freezing, blocking $2.7 billion total. The initial swaps were done three minutes before that. Aave froze its markets at 5:42 PM ET but left that specific loan open. Aave says the collateral covers it, so lenders aren't at risk. #Binance #Crypto

@not_a_newtTether and Circle can lock USDT whenever they want. ETH doesn't work that way. That gap is what the BINANCE HACKER was racing against on Oct 29, 30, and it came down to a three-minute margin. Swaps kicked off at 4:34 PM ET on UniswapX, with market makers trading ETH for the stolen USDT. Speed mattered more than price, so the hacker ate roughly 15% over market. $729 million in USDT had already been swapped by the time freezes landed. Then at 4:58 PM ET, 60 million stolen USDT went up as collateral on Aave, and 19,762 ETH came back as a loan. The ETH moved out to the hacker's wallets. The USDT stayed locked in Aave. At 5:01 PM ET, Tether and Circle began freezing, blocking $2.7 billion total. The initial swaps were done three minutes before that. Aave froze its markets at 5:42 PM ET but left that specific loan open. Aave says the collateral covers it, so lenders aren't at risk. #Binance #Crypto