Binance Hack: Which Cryptos Have Been Sold and Which Still Risk Falling?
Following Binance's record hack, the hackers have already exchanged $911 million worth of cryptocurrencies for ETH and TRX, according to Arkham Intelligence. Several tokens, including FUN, have suffered steep declines,…
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Binance hackers have already traded more than $900 million worth of altcoins for Ether and TRX, according to Arkham. These hasty sales caused some small tokens, like FUN, to plummet. But the bulk of the $6.3 billion loot, in bitcoins and ethers, remains in their hands.
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Lookonchain, a blockchain transaction analysis service, has spotted an initial wave of sales involving seven altcoins. The hackers sold them for 70,480 Ether (ETH), or $158.25 million at the time of the transactions. Leading the way are 7.02 million Uniswap (UNI), 217.5 million Ethena (ENA), and 7.77 trillion Pepe (PEPE). Followed by Chainlink (LINK), Aave (AAVE), Ondo (ONDO) and Worldcoin (WLD).
These operations mainly take place through decentralized exchange platforms (DEX), where tokens are exchanged directly via smart contracts, without an intermediary capable of blocking the funds. Hackers seek to accumulate ETH, which is easier to move and impossible to freeze by an issuer. No dollars or euros have yet been cashed out at this stage.
On October 30, they also exchanged all the stolen Avalanche (AVAX) for the stablecoin USDC, transferred these funds to Ethereum, and then obtained 7,242.8 ETH.
This haste is costing them dearly. Bitquery estimates their shortfall at $119 million compared to benchmark prices. ETH has traded up to 38% above its market price in a Uniswap pool (a reserve of tokens that serves as a counterparty to trades). Arbitrage bots, programs that exploit price discrepancies, took home a net $59.9 million.
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The case of FunFair (FUN) is the most brutal. Hackers sold 134.1 million FUN for 111.5 ETH, approximately $250,000, when these tokens were worth almost $1.17 million before the sales.
👉 On the same subject – Binance hack: a theft equivalent to 19% of North Korean GDP
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- Cryptoast30 Oct, 18:12Binance Hack: Which Cryptos Have Been Sold and Which Still Risk Falling? ↗Figures: 911 millions
| Publisher Cryptoast (general tier) | +72 |
| Checkable figures cited | +3 |
| Detailed summary | +2 |
| Total | 77 |
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