A one-line summary of this dark comedy: the person who stole $6.3 billion also botched the sell-off.
According to Lookonchain, counting only EVM chains, the hacker has dumped more than 130 altcoins, receiving 123,400 $ETH (about $277 million) and 1.69 million USDC in return, for a total of about $279 million. UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD were all cleared out by the morning of October 30, in exchange for 70,500 ETH. They don’t want altcoins—only $ETH .
But the botched trades are real, too. They sold 908,793 PROM, worth about $5 million, into a nearly drained Uniswap V2 pool and received just 0.0316 ETH, worth about $71. You can only take what’s left in the pool; market cap means nothing at that moment. The day before, 18 tokens worth about $3.5 million were mistakenly transferred to the NEWT contract and can never be recovered.
Break it down, and there are just two takeaways: ETH is the hacker’s preferred asset to cash out into; altcoins are only good for swapping into ETH. Once a pool is empty, even the biggest name is just a piece of paper. $BTC is back around $78,000, $ETH is around $2,270, and the Fear & Greed Index is at 36—still in fear territory. Treat the rebound as a recovery for now. Just my personal opinion, for reference only.
#BinanceToResumePhaseOneOfWithdrawals #BinanceUpdatesProofofReservesAddresses
Pick a side: Were these 130-plus coins unfairly caught up in the hack and set to rebound after the sell-off, or did the incident expose their true lack of liquidity, meaning it’s too soon to chase the rebound? Pick a side in the comments.
According to Lookonchain, counting only EVM chains, the hacker has dumped more than 130 altcoins, receiving 123,400 $ETH (about $277 million) and 1.69 million USDC in return, for a total of about $279 million. UNI, ENA, PEPE, LINK, AAVE, ONDO, and WLD were all cleared out by the morning of October 30, in exchange for 70,500 ETH. They don’t want altcoins—only $ETH .
But the botched trades are real, too. They sold 908,793 PROM, worth about $5 million, into a nearly drained Uniswap V2 pool and received just 0.0316 ETH, worth about $71. You can only take what’s left in the pool; market cap means nothing at that moment. The day before, 18 tokens worth about $3.5 million were mistakenly transferred to the NEWT contract and can never be recovered.
Break it down, and there are just two takeaways: ETH is the hacker’s preferred asset to cash out into; altcoins are only good for swapping into ETH. Once a pool is empty, even the biggest name is just a piece of paper. $BTC is back around $78,000, $ETH is around $2,270, and the Fear & Greed Index is at 36—still in fear territory. Treat the rebound as a recovery for now. Just my personal opinion, for reference only.
#BinanceToResumePhaseOneOfWithdrawals #BinanceUpdatesProofofReservesAddresses
Pick a side: Were these 130-plus coins unfairly caught up in the hack and set to rebound after the sell-off, or did the incident expose their true lack of liquidity, meaning it’s too soon to chase the rebound? Pick a side in the comments.
