Progress report on the Binance hacker’s token sell-off · Update: 39% of $TRX has been sold (about $89 million)! At this rate, it’s expected to take another 30 hours or so to sell it all. Since the TRX sell-off began, TRX has fallen by about 10%.
【How much has been transferred?】
As of 17:10 Beijing time on October 31, according to a count of every block on the TRON network:
- The spot price of TRX on Binance fell from 0.3516, when the hacker began selling TRX (around 11:00 Beijing time on October 30), to 0.3180, a drop of 9.6%
- The hacker has around 685 million TRX at their disposal and has transferred about 270 million, worth approximately $89 million
- About 161 million was converted to USDT through DEX platforms, worth approximately $54 million
- About 109 million was converted to BTC and ETH through THORChain, worth approximately $35 million
【Selling accelerated two to three times over the course of a day】
- Between 08:00 on October 30 and 06:20 on October 31 Beijing time, about 130 million was transferred over roughly 22 hours
- Between 12:00 and 15:00 on October 31 Beijing time, about 53 million was transferred in three hours
- The average transfer rate over the past eight hours was about 14 million per hour
【How much is left?】
- 382 million, worth approximately $120 million, is spread across three addresses: one is being dismantled, while the other two have not moved yet
- Another roughly 30 million has already been dismantled, but is spread across subsequent addresses and has not yet been transferred
- When the selling wallet is close to running out of funds, it receives a full 120 million tranche from the reserve; this has happened twice so far
【What are the projections?】
Based on the average pace over the past eight hours (about 14 million per hour), selling the remaining 410 million will take roughly 30 hours, or until the evening of November 1 Beijing time. When Binance resumes withdrawals around 13:30, the hacker is likely to have about 120 million left to sell.
The price of TRX on Binance is about 2% lower than on other platforms. After withdrawals resume, if some users buy at a low price on Binance, withdraw their coins, and sell them elsewhere, the hacker's final sell orders will put double selling pressure on the market. What do you think the price of TRX will drop to tomorrow?
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$TRX