Something interesting happened today that has been described a bunch like here:
Someone made about 350k shorting and crashing the market without financial risk, because they were able to borrow the money in a flash borrow, which means they did not need collateral.
What is not described in all these descriptions is how the money was made or who lost it.
If the profit comes from the short alone, does this mean the attacker just wiped the entire order book and margin called every long?
What exactly happened. Who was the money stolen from.
I‘d appreciate an explanation.