Binance Hacker Sells More Than 130 Altcoins, Raises About $279 Million

What happened

Lookonchain said on Nov. 1 that the attacker behind the Oct. 29 Binance hack sold more than 130 stolen altcoins on Ethereum-compatible blockchains, raising about $279 million. The sales produced 123,400 Ether and 1.69 million USD Coin; the tally excludes sales on other blockchains.

Confirmed

Global impact / market context

Selling stolen tokens and converting much of their value into Ether can add supply to token markets and create pressure on prices, especially for thinly traded assets. Binance says it has covered about 95% of the stolen assets, but buying back some tokens may take time.

Analyst inference

The reported sales cover only transactions on Ethereum-compatible blockchains, so the total could change if sales on other networks are counted. The article says the hack was worth about $6.3 billion and names TraderTraitor as the group identified as responsible.

Confirmed

What to watch

1. Further sales on Ethereum-compatible blockchains could add to the reported total and increase supply available for sale in the affected token markets. Analyst inference
2. Sales on other blockchains are not included in this tally; their inclusion could change the reported amount, though the article gives no figure. Confirmed
3. Binance says it is still securing the remainder of the stolen assets; progress and the time needed to buy back thinly traded tokens remain uncertain. Confirmed

Affected assets

• ETH — Ethereum
• USDC — USD Coin

Evidence

• en.bloomingbit.io