Another “hacker is dumping” headline, and half of Twitter is copy-pasting it.
Here’s what Lookonchain actually said: The Binance hacker has 970,522 SOL (about $95.9 million), and moved 486,970 of them (about $46.4 million) in the past hour, converting them to BTC through Relay. Then all sorts of accounts rewrote that as “dumping SOL like crazy” and “getting ready to crash the market.”
But “moved” and “sold” are two different things. Tracking by @wirisrk during the same period shows that the funds were sent in batches through new hop wallets into the Relay bridge. Only about 1,840 SOL, worth roughly $175,000, have actually been bridged out. The other two piles, around 479,000 and 485,000 SOL, haven’t moved.
$175,000 is less than the daily trading volume of a mid-sized shitcoin. Claiming SOL is about to crash based on that means either you haven’t looked at the chain, or you’re trying to scare people into handing over their coins.
Even funnier is the replies section. Several accounts are posting the same cookie-cutter line: “You and @magaamerica1965 are my go-to finance accounts.” Spamming ads under a trending topic—they can’t even be bothered to pretend.
What I actually care about isn’t whether SOL will get dumped, but cross-chain channels like Relay. The FBI just called on DeFi platforms and node operators to help blacklist related addresses the other day, and the hacker immediately started moving funds in batches through a public bridge. Converting to BTC is clearly an attempt to avoid having the funds frozen. Who’s matching these orders and collecting fees is a far more worthwhile question than whether they’re “dumping.”
If someone really dumped tens of millions of dollars’ worth of SOL at market price, the on-chain activity would look ugly—you’d see it without any KOL telling you. Don’t let the headlines sway you for now.
#币安 #SOL
Here’s what Lookonchain actually said: The Binance hacker has 970,522 SOL (about $95.9 million), and moved 486,970 of them (about $46.4 million) in the past hour, converting them to BTC through Relay. Then all sorts of accounts rewrote that as “dumping SOL like crazy” and “getting ready to crash the market.”
But “moved” and “sold” are two different things. Tracking by @wirisrk during the same period shows that the funds were sent in batches through new hop wallets into the Relay bridge. Only about 1,840 SOL, worth roughly $175,000, have actually been bridged out. The other two piles, around 479,000 and 485,000 SOL, haven’t moved.
$175,000 is less than the daily trading volume of a mid-sized shitcoin. Claiming SOL is about to crash based on that means either you haven’t looked at the chain, or you’re trying to scare people into handing over their coins.
Even funnier is the replies section. Several accounts are posting the same cookie-cutter line: “You and @magaamerica1965 are my go-to finance accounts.” Spamming ads under a trending topic—they can’t even be bothered to pretend.
What I actually care about isn’t whether SOL will get dumped, but cross-chain channels like Relay. The FBI just called on DeFi platforms and node operators to help blacklist related addresses the other day, and the hacker immediately started moving funds in batches through a public bridge. Converting to BTC is clearly an attempt to avoid having the funds frozen. Who’s matching these orders and collecting fees is a far more worthwhile question than whether they’re “dumping.”
If someone really dumped tens of millions of dollars’ worth of SOL at market price, the on-chain activity would look ugly—you’d see it without any KOL telling you. Don’t let the headlines sway you for now.
#币安 #SOL