PEPE

Stablecoin

Token

The attacker behind the Binance breach has converted a batch of stolen altcoins into ether, adding selling pressure to several mid-cap tokens already under strain from a wider market sell-off.
On-chain analytics firm <a href="https://x.com/lookonchain" rel="noopener noreferrer nofollow">@lookonchain</a> reported that the attacker swapped <a href="https://x.com/search?q=%24UNI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$UNI</a>, <a href="https://x.com/search?q=%24ENA&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ENA</a>, <a href="https://x.com/search?q=%24PEPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$PEPE</a>, <a href="https://x.com/search?q=%24LINK&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$LINK</a>, <a href="https://x.com/search?q=%24AAVE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$AAVE</a>, <a href="https://x.com/search?q=%24ONDO&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ONDO</a> and <a href="https://x.com/search?q=%24WLD&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$WLD</a> for a total of 70,480 <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>, worth about $158.25 million. <a href="https://news.bitcoin.com/security/binance-hacker-dumps-158m-altcoins-key-leak-doubts/" rel="noopener noreferrer nofollow">Bitcoin.com reported</a> the largest sales were 7.02 million $UNI for $39.63 million, 217.5 million $ENA for $33.93 million, 7.77 trillion $PEPE for $31.66 million and 2.57 million $LINK for $26.05 million. Smaller sales included $AAVE ($14.27 million), $ONDO ($6.62 million) and $WLD ($6.09 million), according to Lookonchain data.
<h2 id="token-prices-under-pressure">Token Prices Under Pressure</h2>
The sales hit prices. According to a <a href="https://hix0n.substack.com/p/binance-lost-63-billion-the-biggest" rel="noopener noreferrer nofollow">Substack analysis</a> of the on-chain data, $ENA fell from $0.2095 before the hack to a low of $0.1658, roughly 21%, before recovering to around $0.185. <a href="https://crypto.news/uniswap-price-despite-standard-chartered-forecast/" rel="noopener noreferrer nofollow">Crypto.news reported</a> that $UNI fell 3.99% to $6.73 on October 30, leaving it down 23.48% over the past month.
Bitcoin.com also noted that the stolen $ENA, $UNI, $PEPE and $AAVE positions represent 7% to 15% of Binance's reported holdings of each token, because the drained wallet was counted in its proof of reserves.
The attacker's remaining holdings appear limited. Lookonchain data cited by <a href="https://www.techflowpost.com/en-US/newsletter/141974" rel="noopener noreferrer nofollow">TechFlow</a> showed other tokens including <a href="https://x.com/search?q=%24FUN&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$FUN</a>, <a href="https://x.com/search?q=%24ZAMA&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ZAMA</a>, <a href="https://x.com/search?q=%24ZRO&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ZRO</a> and <a href="https://x.com/search?q=%24RSR&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$RSR</a>, each valued between $5 million and $9 million.
<h2 id="stablecoin-freezes-and-the-wider-hack">Stablecoin Freezes and the Wider Hack</h2>
Altcoins were a small part of the overall theft. <a href="https://www.coindesk.com/business/2026/10/29/potential-multi-billion-binance-hack-hitting-crypto-markets" rel="noopener noreferrer nofollow">CoinDesk reported</a> that Binance estimated the total impact at about $6.3 billion, making it the largest crypto theft on record. About $3 billion of assets were frozen, including $2.3 billion in <a href="https://x.com/search?q=%24USDT&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDT</a> and <a href="https://x.com/search?q=%24USDC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDC</a>.
Tether CEO Paolo Ardoino said the company froze more than 1.567 billion $USDT, while Circle CEO Jeremy Allaire said it froze more than $800 million in $USDC, according to <a href="https://finance.yahoo.com/markets/article/bitcoin-drops-to-76000-as-binance-hack-spooks-investors-tether-circle-freeze-assets-083406383.html" rel="noopener noreferrer nofollow">Yahoo Finance</a>. Reported freeze totals vary by source and on-chain count. Stablecoin Insider cited TRM Labs figures of about 1.773 billion $USDT and 825 million $USDC.
Tokens without a central issuer, such as $UNI, $ENA, $PEPE and $LINK, cannot be frozen in the same way. CoinDesk noted that attackers often swap freezable stablecoins for assets that lack centralized-issuer controls.
Attribution is still developing. According to <a href="https://www.cryptotimes.io/2026/10/30/binance-hack-how-cz-coinbase-tether-and-70-crypto-leaders-reacted-to-the-6-3b-theft/" rel="noopener noreferrer nofollow">The Crypto Times</a>, TRM Labs linked the attack to TraderTraitor, a North Korean state-sponsored group, and Binance has said it will publish a full post-mortem and updated proof of reserves. Binance's co-CEO has said the exchange would cover all losses, per CoinDesk.
Sources:
<a href="https://news.bitcoin.com/security/binance-hacker-dumps-158m-altcoins-key-leak-doubts/" rel="noopener noreferrer nofollow">Bitcoin.com News: Binance Hacker Dumps $158M in Alts</a> <a href="https://www.coindesk.com/business/2026/10/29/potential-multi-billion-binance-hack-hitting-crypto-markets" rel="noopener noreferrer nofollow">CoinDesk: Binance loses over $6 billion in the largest crypto hack to date</a> <a href="https://finance.yahoo.com/markets/article/bitcoin-drops-to-76000-as-binance-hack-spooks-investors-tether-circle-freeze-assets-083406383.html" rel="noopener noreferrer nofollow">Yahoo Finance: Bitcoin, digital assets tumble as Binance reports $6.3 billion breach</a>

Binance Hacker Sells $158.25 Million in Altcoins for 70,480 ETH, Hitting UNI, ENA, PEPE and LINK

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