🚨 The hacker swapped all the funds that can’t be frozen for $ETH ! In the Binance hack, as of this morning, around 253,000 ETH (about $570 million) was still sitting untouched in two wallets. The threat is still hanging over the market.

▪️ On the night of the hack, 167,464 ETH was transferred out of one Binance Ethereum hot wallet, and another 28,006 ETH was sent from a second hot wallet
▪️ The hacker also put up 60 million USDT as collateral on Aave and borrowed 19,762 ETH (about $44.6 million). Aave promptly froze the market
▪️ ETH plunged from 2,379.55 to 2,174.08 in 24 hours, hitting a two-month low. It’s now at 2,234, down 3.5% on the day
▪️ Futures funding rates have turned negative, meaning shorts are paying. Open interest is around $5.2 billion, basically unchanged

USDT and USDC can be frozen; nobody can freeze ETH. That’s why the hacker is frantically swapping into ETH.
My personal take: If this batch of ETH starts getting dumped, 2,174 will be the first level to watch. If it stays put, a short squeeze wouldn’t be surprising either.

Do you think the hacker’s ETH is a sword hanging over our heads, or has the market already absorbed it? 👇

#ETH #BinanceSquare