Binance Hacker Sells 130+ Altcoins for Nearly $279M
Blockchain analytics firm Lookonchain says the Binance hacker sold more than 130 altcoins across EVM-compatible networks, generating proceeds of about $279 million. The reported sales included 123,400 ETH worth roughly $277.26 million, 1.69 million USDC and 499.9 billion SHIB valued at about $1.96 million. The hacker was also reported to have swapped 970,522 SOL, worth around $95.9 million, for BTC.
The breach reportedly affected about $6.3 billion in assets. Binance said it had replenished roughly 95% of affected assets and would cover users’ losses while restoring remaining token balances. SHIB fell to $0.00000446 on 29 October amid the wider market sell-off, then rebounded. At the time of the report, it traded at $0.00000469, down 3.14% over the week. Continued liquidation by the Binance hacker may sustain short-term selling pressure, while Binance’s reimbursement efforts could help limit concerns about user losses.
Bearish
The immediate market signal is bearish. A hacker reportedly liquidated more than 130 altcoins and moved large sums into ETH, USDC and BTC. Continued sales of stolen assets can add direct supply to markets, weigh on affected tokens and prompt traders to reduce risk. The reported SHIB price drop during the breach-related sell-off illustrates how security incidents can amplify volatility and negative sentiment.
Similar exchange hacks have often triggered short-term sell-offs as traders reassess custody risks, liquidity and the possibility of further forced selling. The scale reported here—about $6.3 billion in affected assets—could heighten those concerns, although the article does not establish that all of that amount was sold. Binance’s statement that it has replenished about 95% of affected assets and will cover user losses is a mitigating factor; it may reduce fears of customer losses or a broader confidence crisis.
In the near term, traders may watch on-chain transfers, exchange inflows, affected-token liquidity and BTC and ETH price action for signs of ongoing liquidation or contagion. If sales continue, volatility and downside pressure could persist. Over the longer term, successful reimbursement and stronger security controls could restore confidence. The lasting effect will depend on the investigation, recovery of remaining assets and whether the incident leads to wider concerns about exchange security.