CASE STUDY | Why Binance Hackers Turned to the Largest DeFi Lending Protocol to Move Stolen Crypto

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 issuers capable of freezing them. 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.