Yesterday's Binance hack trading recap 1. As soon as Binance hack suspicions surfaced, major alts like BTC and ETH moved lower simultaneously. 2. Thought chasing shorts on majors wouldn't be very profitable, so I found and tracked the hacker's wallet address. 3. Initially the hackers split coins by wallet (for example, to sell PEPE they'd transfer to a different burner wallet just gas fees + PEPE for liquidation). 4. So I set tracking alerts on the 0x5227f603c1ee34ce3c06efe6477003bdfccb2f8c wallet and opened high-ratio shorts whenever the alert triggered to hold until the tokens were liquidated. 5. Initially when transactions appeared market reaction wasn't huge, but later even just a transfer transaction would get immediate reaction, making it hard to get good average prices. So I thought of a different approach. 6. Looking at it, the stolen assets were 70 types total. Other chains had frozen asset risk so only Ethereum was viable for liquidation, and I saw a pattern where they sold by market cap, highest first. 7. Due to margin limits I couldn't short all 70 types, and to maximize profits I had to concentrate each pair's short position then deploy one big cannonball and move to the next pair. 8. So following their liquidation pattern, I started shorting high market cap + high-volume hack pairs in order, opening 4-5 pair short positions at a time and then rotating (LINK, ENA, ZAMA, RSR, ZRO, FET, ERA, GTC, CFG, RED, IMX, OGN, APE, RE, SYRUP, COTI, PROM, SOPH). 9. For a while it went smoothly in sequence, then suddenly they mixed up the pattern and started liquidating multiple pairs at once from their main wallet. Turned out sub-100M market cap shitcoins they just dumped straight from the hack wallet. At that point, low market cap pairs like RSR, COTI (under 100M) crashed hard just from throwing 1M each. 10. The Lazarus (presumed) hacker was considering liquidity apparently, liquidating coins in N thousands of dollars amounts to soften market impact + some mutations like ERA using frozen contracts appeared + sometimes big green candle long liquidations showed up right after shorts were covered, so I reduced position size and started preparing the finale. 11. Coins like PROM they moved to a completely separate wallet without liquidating. I was wondering why. I assumed since it's a DWF line, MM controls a lot of the liquidity, so I opened my largest short size—but it turned out there was no DEX liquidity so they couldn't liquidate it
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