How the $6B Binance Hack Ran Through Aave: Uneasy Money

Quick favor: We’re deciding what Unchained does next; new shows, stream times, what’s worth paying for. Our listener survey (https://unchainedcrypto.com/survey) takes five minutes, it’s anonymous, and I read the write-in answers myself. Everyone who finishes it gets a free month of Premium, Unchained or Bits + Bips, your pick. Open through Sunday, November 8. — Laura ======================================================================== When roughly $6 billion was stolen from Binance, part of the haul ran through Aave. Adam Sadowski, CEO of LlamaRisk, walks Kain Warwick and Taylor Monahan through why nothing was stolen from the protocol, how the hacker supplied $60 million in USDT to borrow ETH, and why Aave's market freeze works as a one-way valve for users. Kain presses on whether anyone should be able to deposit $1 billion and borrow all the ETH in a single block. ======================================================================== Hosts: 👉 Kain Warwick - Host of Uneasy Money and Founder of Infinex and Synthetix - https://x.com/kain 👉 Taylor Monahan - Co-host of Uneasy Money and Security Expert - https://x.com/tayvano_ Guest: 👉 Adam Sadowski - CEO of LlamaRisk - https://x.com/WormholeOracle ======================================================================== This clip is from a longer conversation on the $6B Binance hack and how DeFi responds when billions are stolen. Full episode here: https://youtu.be/5WDvWxHOK90 We go live every Wednesday - subscribe to catch it live. Sponsor 👉 Put your crypto to work with Nexo: earn daily interest or borrow funds against your assets on one platform trusted by more than 10 million clients. Find out more at Nexo. Geo-restrictions, eligibility and terms apply. ======================================================================== Chapters: 🎬 00:00 Intro 🔍 00:09 Was anything stolen from Aave? Adam on what actually happened 💸 01:43 How the hacker routed $60M in USDT through Aave to borrow ETH ⚖️ 04:00 Should anyone be able to deposit $1B and borrow all the ETH in one block? 📡 07:01 Risk oracles and why borrowing limits are hard to design onchain 🏦 09:05 Why Kain says exchanges can't ration withdrawals without a bank run 🧊 11:11 What an Aave market freeze means: a one-way valve for users ======================================================================== #bitcoin #ethereum #crypto #cryptocurrencies ======================================================================== Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!