Ethereum validators pocket $30 million windfall as Binance hackers lose $119 million in rushed trades

Ethereum validators captured the bulk of nearly $30 million in payments generated during the trading frenzy surrounding Binance's $6.3 billion hack. According to an Oct. 30 investigation by Bitquery, the attackers lost approximately $119 million by exchanging stolen cryptocurrency at unfavorable prices while racing to move funds beyond the reach of stablecoin issuers. The hurried transactions created extraordinary arbitrage opportunities, allowing trading firms and automated bots to retain approximately $60 million in profits after costs. Another $29.5 million flowed to Ethereum block builders and validators as traders competed to exploit price differences created by the attackers' massive transactions.

Also reported by The Currency Analytics.

Source: CryptoSlate