The attackers behind the Binance security breach used decentralised finance (DeFi) lending protocol Aave to convert stolen stablecoins into Ethereum seeking to move assets beyond the reach of centralised...
Summary
- On-chain data shows that a wallet linked to the attackers deposited approximately $60 million in stolen USDT as collateral on Aave V3 on Ethereum and borrowed 19,762 wrapped Ether (WETH) worth about $44.6 million at the time.
- By using Aave, the attackers effectively used the stolen USDT as collateral to obtain an alternative asset without having to sell the stablecoins directly for ETH through a centralised exchange.
- The borrowed WETH could then be moved through other wallets and converted into ETH making the proceeds harder to immobilise through issuer-level freezes.
- The Aave transaction took place between 20:58 and 21:01 UTC, approximately 40 minutes before the first emergency freeze of Aave markets.
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