Binance hack on October 29 stole $6.3B, hackers lost $119 million
On October 29, hackers made off with $6.3 billion from Binance, shaking up the crypto world.
The suspected North Korean group quickly swapped stablecoins for other cryptocurrencies, which sent prices soaring and created unexpected opportunities for sharp-eyed traders.
Ironically, the hackers themselves lost about $119 million by moving too fast and missing out on better deals.
Annanay Kapila nets 25% amid arbitrage
Former quant trader Annanay Kapila jumped on the sudden price spikes, making a 25% profit on the trades within five minutes.
Automated trading bots piled in too, driving up transaction fees as they raced each other for priority.
When Binance paused withdrawals to contain the chaos, it left big price gaps across platforms, making room for even more quick profits through arbitrage.
Tether and Circle froze $1.8B
In response to the hack, Tether and Circle froze a massive $1.8 billion in stablecoins to limit further damage.
North Korea denied any involvement, calling the accusations political.
The whole episode has sparked fresh worries about how safe crypto exchanges really are, and whether something like this could happen again.