Binance Hack Wallet Sells $5M in PROM for Just $71
A wallet reportedly linked to the October 29 Binance hack sold 908,793 PROM on Uniswap V2 for just 0.0316 ETH, worth about $71. Although the PROM had a quoted value of nearly $5 million, thin DEX liquidity caused extreme slippage, showing how large trades can receive far less than a token’s displayed market value. The PROM sale is reportedly part of efforts to liquidate assets stolen in an attack said to have drained about $6.3 billion from Binance hot wallets across nine networks. The FBI linked the attack to the North Korean-affiliated TraderTraitor group. Binance said it had recovered or covered about 95% of the stolen assets and was gradually resuming withdrawals. The sale does not mean the funds were returned; it highlights both ongoing crypto-security concerns and the risks of trading illiquid tokens.
Bearish
The most direct price implication is bearish for PROM in the short term: the reported sale adds to selling pressure and may prompt traders to anticipate further liquidation of stolen tokens. However, the execution returned only about $71 because liquidity was extremely shallow, so the transaction does not represent a $5 million market sale and its direct price impact may be limited or concentrated in the affected pool. Thin liquidity can still amplify volatility and widen slippage for other traders. Over the longer term, continued sales or new security concerns could weigh on sentiment toward PROM, while evidence that the stolen assets are being contained or that Binance has covered most losses could reduce broader spillover fears. The report does not establish that funds were returned or indicate a market-wide price impact; the bearish assessment is specifically for PROM.