Binance Hackers Raced to Swap Stablecoins Before Asset Freezes
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Attackers sought to move stolen stablecoins into harder-to-freeze crypto assets as issuers worked to block access to the funds.
Hackers targeting Binance moved quickly to convert stolen stablecoins into cryptocurrencies that centralized issuers could not readily freeze, according to Cointelegraph.
The strategy aimed to reduce the risk of stolen funds being immobilized through controls available to stablecoin issuers. Such issuers can blacklist certain addresses and prevent tokens from being transferred.
Tether and Circle were among the industry participants responding to the incident, moving to restrict access to billions of dollars in affected assets.
The episode highlights how asset-freezing capabilities can shape hackers’ efforts to move stolen funds immediately after a major crypto security breach.
Source: Cointelegraph
