The Binance hacker no longer holds 130+ stolen altcoins — they’ve already been converted into ETH worth around $279 million.
Facts: Lookonchain (Nov. 1, cited by TradingView and CryptoCompass) reported that the hacker sold more than 130 altcoins on EVM networks, receiving 123,400 ETH (about $277.26 million) plus 1.69 million USDC — around $279 million in total. One example detailed: approximately 499.9 billion SHIB were sold for 873 ETH (about $1.96 million). Important note: these figures cover only confirmed EVM transactions, so the total could change if sales on other chains are included.
My take: This is laundering, not a market signal. A forced seller doesn’t care about the price — they convert whatever they can sell into liquid ETH. So I don’t read the altcoin selling pressure here as a reflection of those projects’ fundamentals, but rather as the hacker’s trail while consolidating their loot. What matters more: ETH is now the next concentration point for the stolen funds — and one liquid asset is easier to track than 130 scattered altcoins.
What I’m watching: whether that ETH moves to a mixer or an exchange, and whether issuers and exchanges freeze more funds, as has already happened with stablecoins.
What do you think: does concentrating the funds in ETH make them easier to track, or does it speed up laundering?
This is my analysis, not financial advice — always DYOR.
#KeamananCrypto #OnChain $ETH $SHIB
Facts: Lookonchain (Nov. 1, cited by TradingView and CryptoCompass) reported that the hacker sold more than 130 altcoins on EVM networks, receiving 123,400 ETH (about $277.26 million) plus 1.69 million USDC — around $279 million in total. One example detailed: approximately 499.9 billion SHIB were sold for 873 ETH (about $1.96 million). Important note: these figures cover only confirmed EVM transactions, so the total could change if sales on other chains are included.
My take: This is laundering, not a market signal. A forced seller doesn’t care about the price — they convert whatever they can sell into liquid ETH. So I don’t read the altcoin selling pressure here as a reflection of those projects’ fundamentals, but rather as the hacker’s trail while consolidating their loot. What matters more: ETH is now the next concentration point for the stolen funds — and one liquid asset is easier to track than 130 scattered altcoins.
What I’m watching: whether that ETH moves to a mixer or an exchange, and whether issuers and exchanges freeze more funds, as has already happened with stablecoins.
What do you think: does concentrating the funds in ETH make them easier to track, or does it speed up laundering?
This is my analysis, not financial advice — always DYOR.
#KeamananCrypto #OnChain $ETH $SHIB