Horrific attack at Anantapur School: 21-year-old enters classroom with power chainsaw, one girl killed another Injured. the attack took place inside the classroom while a teacher was present and lessons were underway. Police launch a hunt to nab the accused. #AndhraPradesh
The Binance hacker might have pulled off one of the smartest moves in DeFi history.
Here's what allegedly happened.
First, Tether froze $1.5 billion worth of USDT.
Then Circle froze another $800 million in USDC.
It looked like the hacker's funds were trapped. Game over, right?
Not quite.
Apparently, the hacker had already thought several steps ahead.
Instead of simply holding the stolen USDT, he deposited it into Aave as collateral and borrowed ETH against it.
Then came the interesting part.
Tether can freeze USDT sitting in a wallet. But it cannot simply reach into Aave and reverse ETH that has already been borrowed.
The result?
Aave could be left holding frozen collateral, while the hacker potentially walks away with liquid ETH.
And here's the real problem: if the collateral becomes inaccessible or worthless, the protocol could be left dealing with the bad debt.
Two major stablecoin issuers froze billions of dollars in assets.
But the hacker may have found a way to turn frozen assets into liquid crypto through DeFi.
A fascinating example of how centralized control and decentralized finance can collide and how complicated things get when they do.
The Binance hacker might have just pulled off one of the smartest moves I’ve seen in crypto.
First, Tether froze $1.5 billion in USDT.
Then Circle froze another $800 million in USDC.
At that point, it looked like the hacker’s money was trapped.
But apparently, he had already planned for that.
Instead of holding the stolen USDT in a wallet, he allegedly deposited it into Aave and used it as collateral to borrow ETH.
Then he walked away.
That’s where the story gets crazy.
Tether can freeze the USDT sitting in the wallet.
But it can’t freeze the ETH he already borrowed.
So now Aave is left holding frozen collateral, while the hacker is sitting on liquid ETH.
And unless the protocol can recover it somehow, he may not even need to pay the loan back.
Two companies froze billions of dollars in seconds.
But someone who understood how to use DeFi may have found a way around both of them.
Pretty insane when you think about it.
Whether it’s Modi, Rahul, or anyone else in power, America wants India to remain under its influence rather than rise as an independent global power.
America regrets allowing China to rise to such a level. It doesn’t want India to follow the same path and become another powerful competitor.
In the coming years, America may do whatever it takes to protect its own interests, even if it means hurting India’s interests.
These are challenging times ahead. We must stand together as Indians, beyond political parties and personal differences. India must come first. 🇮🇳
#indiafirst