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AI summary of a third-party reportBearishNewsDesk

Suspected Binance attacker uses Uniswap and Aave to swap frozen stablecoins for ether

Wallets linked to the suspected Binance hack have borrowed and swapped into ETH through decentralised venues, while Tether, Circle and Ripple freeze stablecoins and Aave halts its Ethereum markets.

Why it matters: The episode shows how quickly stolen stablecoins can be converted into ether, which has no issuer able to freeze it, leaving decentralised venues and their users exposed.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: Suspected Binance attacker uses Uniswap and Aave to swap frozen stablecoins for ether
Image: Decrypt
Original reporting: Jose Antonio Lanz, Decrypt

Key points

  • Wallets tied to the suspected Binance hack held about 253,000 ETH, roughly $570m, at 22:07 UTC with no outgoing transfers.
  • One wallet borrowed 19,762 ETH on Aave against $60m in USDT, and Uniswap contracts sent tens of thousands of ETH to relay wallets.
  • Ripple has frozen about $200m in RLUSD, according to Binance co-CEO Yi He, on top of more than $2bn in USDT and USDC.

Wallets linked to the exchange were drained of at least $5.5bn earlier on 29 October 2026, a total the article says is still climbing.

Stablecoin issuers moved quickly to blacklist the addresses. Tether and Circle have frozen more than $2bn of USDT and USDC between them, and Ripple has since frozen about $200m in RLUSD, according to Binance co-CEO Yi He, who said user funds were "SAFU".

The swaps run through Uniswap, where trades settle without a company in the middle. On Aave, a wallet deposited $10m and then $50m in USDT between 20:57 and 21:01 UTC and borrowed 3,271 ETH and then 16,491 ETH against it.

The ether is accumulating rather than moving on. A wallet labelled Exploiter 8 held 195,460 ETH at 22:03 UTC, and 57,891.77 ETH reached Exploiter 11 after four hops in 28 minutes, together about 253,000 ETH. The attacker also swapped 36m RLUSD for 15,439 ETH.

What to watch: Aave has frozen its V3 markets on Ethereum mainnet and Kamino has paused borrowing in its SOL/BTC market while the situation is monitored.

Read the full story on Decrypt

Live updates on NewsFeeds:AltcoinsEthereumDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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