The binance hacker is moving stolen $SOL and converting it into $BTC.
according to lookonchain and arkham, wallets labeled as the binance hacker moved about 487,000 SOL worth roughly $46.4 million in the past hour. they are converting a total of around 970,500 SOL, valued near $96 million, into bitcoin through relay protocol.
this follows the large october 29 breach. solana has traded weaker around the $95 level amid the broader market pressure and these movements.
large forced sales of a token can add short-term selling pressure, but this amount is a fraction of the overall stolen funds and the total solana market. the conversion is still in progress.
the next thing to watch is whether more of the remaining sol continues to move.
#BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
#Altcoin Season# $BTC $SOL
according to lookonchain and arkham, wallets labeled as the binance hacker moved about 487,000 SOL worth roughly $46.4 million in the past hour. they are converting a total of around 970,500 SOL, valued near $96 million, into bitcoin through relay protocol.
this follows the large october 29 breach. solana has traded weaker around the $95 level amid the broader market pressure and these movements.
large forced sales of a token can add short-term selling pressure, but this amount is a fraction of the overall stolen funds and the total solana market. the conversion is still in progress.
the next thing to watch is whether more of the remaining sol continues to move.
#BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
#Altcoin Season# $BTC $SOL
