During the hour Binance was hacked, someone was arbitrageurizing on the blockchain, earning approximately $3.47 million. Around 4 AM this morning, a Binance hot wallet was hacked. Fearing their USDT would be frozen by Tether, the hacker continuously converted it into ETH on the blockchain. Binance then suspended withdrawals, preventing the transfer of cheaper ETH from exchanges to the blockchain. As a result, the same ETH had two prices. On on-chain exchanges, ETH was bought by the hacker at around $2600, with some transactions exceeding $3000. However, the lending protocol Aave, based on exchange quotes, consistently traded it at around $2280. This price difference persisted for nearly an hour. The address that made the most money was: https://(etherscan.io)/address/0x0cdd9cBB825212C6cC5b0B36239e94218ee661D8 He already had 37 million USDC in Aave and entered the market 24 minutes after the incident. He first borrowed ETH from Aave at around 2280, then resold it on-chain for over 2600. He deposited the proceeds back into Aave, then borrowed again and sold again. He sold over 12,000 ETH in total, at an average price of 2580. When the price dropped, he bought it back at an average price of around 2297 to repay his loans, thus making $3.47 million. The Aave contract didn't have any problems, and he didn't hack anyone. While the hackers were buying indiscriminately on-chain, he was simply selling to them, one transaction at a time.