Hackers lose in Binance theft amid price volatility | Arkansas Democrat Gazette

A Reuters-linked report describes how North Korean hackers who stole $6.3 billion from Binance faced significant losses after their trades triggered extreme price volatility—while faster, well-positioned traders exploited the dislocations. Blockchain data firm Bitquery estimates the attackers lost about $119 million due to poor execution. After gaining control of Binance funds on October 29, the hackers focused on selling stablecoins quickly, anticipating issuer freezes. Within about half an hour they swapped USDT into other cryptocurrencies such as Ether, buying wherever possible and driving prices higher. TRM Labs says Tether and Circle froze roughly $1.8 billion in stablecoins around 40 minutes after the main Ethereum leg began. Binance stopped withdrawals during its investigation. Traders then profited by selling Ether where hackers pushed prices up and buying where it stayed lower. A cited trader, using decentralized lending and exchanges, reported a 25% profit in five minutes.