Binance Hacker Sells $158M in Altcoins for ETH
A Binance-linked hacker sold seven altcoins—UNI, ENA, PEPE, LINK, AAVE, ONDO and WLD—for 70,480 ETH, worth about $158 million, according to on-chain analysts. The sales were completed by 09:01 Taipei time, and the addresses reportedly no longer hold the tokens. UNI accounted for the largest sale by value, while ENA saw the steepest 24-hour decline. The seven tokens fell 8.8% to 15.8%, compared with Bitcoin’s 4.6% loss. The sell-off may add short-term pressure to these altcoins, although the report does not say whether the ETH has since been moved or sold. Most stolen stablecoins and PAXG were reportedly frozen by issuers. Binance said it would cover losses and later reported that about $3 billion had been frozen; estimates of total outflows ranged from $5.3 billion to $5.87 billion. Arbitrum also moved 8,426 ETH and 74.56 million ARB to restrict their movement. Binance has not disclosed a final loss figure.
Bearish
The direct price signal is bearish for the seven altcoins sold: a large holder liquidated substantial positions, and the tokens recorded sharper 24-hour declines than Bitcoin. Such concentrated sales can increase near-term supply, weaken sentiment and prompt other traders to reduce exposure, particularly in tokens with thinner liquidity. The conversion into ETH may indicate a shift in the attacker’s holdings, but it is not itself evidence of an ETH sale; the report does not confirm that the 70,480 ETH has moved or been sold. This limits the basis for a bearish call on ETH specifically. Over the longer term, the effect on the sold tokens will depend on whether the attacker continues selling, how much stolen value remains frozen, and whether market liquidity and demand recover. The broader incident may also keep risk appetite subdued until Binance clarifies its final losses.