Binance Hackers Move 120 Million TRX Worth $38.78 Million
The Binance hacker group has transferred 120 million TRX, worth about $38.78 million, according to blockchain monitoring service Onchain Lens. The group reportedly uses automated transfers to split funds across multiple wallets, route them back through previously used addresses and then distribute them to new wallets, making the funds harder to trace. The latest TRX movement was followed by further distribution. The transfers could attract attention to potential selling pressure, but the report does not confirm that the tokens have been sold.
Neutral
The reported movement is significant in size, but transfers alone do not establish that the TRX is being sold. The reported use of multiple wallets and repeated routing may indicate an effort to obscure the funds’ path, rather than immediate liquidation. In the short term, traders may monitor exchange inflows, wallet activity and TRX trading volume for signs of funds reaching exchanges or creating sell pressure. Similar large transfers linked to hacks can prompt caution and volatility, but their market effect depends on whether assets are actually sold. Longer term, the incident may reinforce concerns about stolen funds and traceability, while having limited lasting impact on TRX unless the tokens enter the market or lead to further security developments.