Blockchain analytics platform Lookonchain has reported that the hacker responsible for the recent Binance security breach has sold more than 130 altcoins across Ethereum Virtual Machine (EVM) compatible blockchains, amassing proceeds close to $279 million.
Largest crypto hack to date
The incident, which was identified last Thursday, compromised approximately $6.3 billion in assets, making it the most significant crypto theft recorded so far. Binance stated that the breach likely originated from a DevOps engineer’s compromised device, granting attackers access to a service container that enabled unauthorized withdrawals.
According to Binance, initial response measures focused on containing the attack, securing user assets, and investigating the source. Company officials emphasized that user funds would not be affected as the platform moved quickly to replenish the affected tokens.
Hacker’s movements and token impact
Lookonchain’s recent analysis on X indicated that, within EVM chains, the hacker disposed of over 130 different altcoins. The dump included a significant position in Shiba Inu (SHIB), with 499,926,072,560 SHIB sold at a value equivalent to 873 ETH, or $1.96 million. These token sales resulted in the hacker receiving 123,400 ETH, which was worth about $277.26 million, and 1.69 million USDC. Total proceeds added up to roughly $279 million.
| Token | Amount Sold | Proceeds |
|---|---|---|
| SHIB | 499,926,072,560 | 873 ETH ($1.96M) |
| ETH (total received) | 123,400 | $277.26M |
| USDC | 1,690,000 | $1.69M |
Recent updates show that the hacker is continuing to liquidate stolen funds, including swapping 970,522 SOL, valued at $95.9 million, for Bitcoin.
Mini dictionary: Lookonchain is a blockchain analytics company that tracks on-chain transaction data and provides insights into large movements or irregular activities across multiple cryptocurrency networks.
Shiba Inu market response
The theft of more than 499 billion SHIB, representing around 0.05% of the token’s total supply, temporarily impacted its market price. The Shiba Inu price experienced a sharp decline on October 29, reaching a low of $0.00000446, mirroring a broader selloff across the cryptocurrency market following disclosures of the Binance breach.
Despite the plunge, SHIB rebounded sharply from those lows. The token closed Saturday with a monthly loss of 18.92% in October, but continued to trade in a relatively tight range at the beginning of November, moving between $0.00000466 and $0.00000472. At last report, Shiba Inu was down 0.04% over the previous 24 hours to $0.00000469, and had declined 3.14% in the past week.
Binance’s response and asset recovery
Binance, which is one of the world’s largest digital asset exchanges, has announced that it has replenished about 95% of the assets affected by the hack. The company reaffirmed its commitment to making all customers whole, stating that it will continue to acquire outstanding token balances through both market purchases and over-the-counter deals until every impacted token reaches full recovery for all users.
Binance reiterated its intention to absorb the financial losses resulting from the incident, confirming that impacted users will not bear the costs and that the platform will restore all token balances to pre-incident levels.
