đš BINANCE HACKER MOVES $46M IN SOLANA! IS THIS WHY $SOL IS UNDER PRESSURE?
The aftermath of the massive Binance hack is still unfolding, and Solana is now in the spotlight.
On October 29, Binance suffered a security breach involving approximately $6.3 billion in crypto assets, one of the largest hacks in crypto history.
Now, blockchain tracker Lookonchain reports that hacker-linked wallets are converting stolen $SOL into $BTC.
Here's the latest:
đŽ 970,522 SOL ($95.9M) identified for conversion.
đŽ 486,970 SOL ($46.4M) moved within an hour.
đŽ Relay Protocol reportedly used to route the swaps.
đŽ $279M in other stolen altcoins reportedly converted into ETH and USDC.
But there's more.
The FBI has attributed the Binance attack to North Korea-linked hackers, while Binance says approximately $3 billion in stolen assets has been frozen and has committed to covering customer losses.
What does this mean for Solana?
Large-scale SOL conversions could contribute to selling pressure, especially when market confidence is already fragile.
However, these transfers alone don't prove they're responsible for today's price weakness.
The bigger concern is how much stolen crypto remains movable and where the hackers will send it next.
Can $SOL absorb the selling pressure, or will further hacker-linked transfers trigger another decline?
#Binance #Bitcoin #CryptoHack #CryptoNews #BlockchainSecurity
The aftermath of the massive Binance hack is still unfolding, and Solana is now in the spotlight.
On October 29, Binance suffered a security breach involving approximately $6.3 billion in crypto assets, one of the largest hacks in crypto history.
Now, blockchain tracker Lookonchain reports that hacker-linked wallets are converting stolen $SOL into $BTC.
Here's the latest:
đŽ 970,522 SOL ($95.9M) identified for conversion.
đŽ 486,970 SOL ($46.4M) moved within an hour.
đŽ Relay Protocol reportedly used to route the swaps.
đŽ $279M in other stolen altcoins reportedly converted into ETH and USDC.
But there's more.
The FBI has attributed the Binance attack to North Korea-linked hackers, while Binance says approximately $3 billion in stolen assets has been frozen and has committed to covering customer losses.
What does this mean for Solana?
Large-scale SOL conversions could contribute to selling pressure, especially when market confidence is already fragile.
However, these transfers alone don't prove they're responsible for today's price weakness.
The bigger concern is how much stolen crypto remains movable and where the hackers will send it next.
Can $SOL absorb the selling pressure, or will further hacker-linked transfers trigger another decline?
#Binance #Bitcoin #CryptoHack #CryptoNews #BlockchainSecurity
