A wallet linked to the recent Binance security breach sold 499,926,072,560 Shiba Inu (SHIB) tokens for approximately $1.96 million on November 1, data from blockchain analytics platform Lookonchain revealed. The sale, which represented 0.05% of SHIB’s total supply, took place after a notable price rebound following October’s sharp selloff.
Large-scale SHIB sale tied to Binance incident
The massive transaction drew attention amid ongoing fallout from the Binance security incident that affected billions of dollars in assets. Lookonchain reported that the attacker liquidated the SHIB for 873 ETH, valued at just over $1.96 million at the time of the transaction.
Lookonchain recorded the movement of over 499.9 billion SHIB tokens by the attacker, noting the value in ETH and the broader impact across multiple altcoins.
The wallet in question was also linked to a wave of sales involving more than 130 different altcoins across Ethereum Virtual Machine (EVM) compatible chains. According to Lookonchain, the attacker ultimately received around 123,400 ETH and 1.69 million USDC, amounting to a total value close to $279 million. Additionally, the swap of 970,522 SOL, then valued at $95.9 million, for bitcoin formed part of the attacker’s coordinated asset movement.
Mini dictionary: EVM (Ethereum Virtual Machine) is a software platform used by Ethereum and many other blockchains to execute smart contracts. EVM compatibility allows different blockchains to interact and run applications designed for Ethereum.
Initial findings from Binance suggested the breach originated from a compromised employee laptop, which allowed the attacker access to a restricted service container. This vulnerability led to unauthorized withdrawals across multiple asset types.
SHIB price reaction and market performance
Despite the large-scale SHIB sale, the token’s price appeared resilient. After dropping to $0.00000446 on October 29 amid the broader crypto market decline, SHIB rebounded and was trading in a narrow range between $0.00000466 and $0.00000472 by November 1.
Binance, the world’s largest cryptocurrency exchange by volume, responded by replenishing about 95% of the assets affected in the security incident and committed to restoring the remaining balance through market purchases and over-the-counter transactions. No completion date was provided.
Binance executives emphasized ongoing efforts to cover the full extent of losses, stating that coverage would reach 100% for all impacted tokens using existing corporate resources.
On November 1, SHIB was quoted at $0.00000469, reflecting a slight decline of 0.04% over 24 hours and a 3.14% drop across the week. These fluctuations mirrored wider trends in the crypto market amid continued uncertainty.
| Asset | Price | 24-hour change | 7-day change |
|---|---|---|---|
| SHIB | $0.00000469 | -0.04% | -3.14% |
| Bitcoin | $77,976 | +0.45% | -3.09% |
| Ethereum | $2,265.20 | +0.45% | -3.18% |
| Solana | $94.56 | -1.56% | -6.75% |
In comparison, Bitcoin and Ethereum saw modest gains over the same 24-hour period, while Solana declined by 1.56%. Still, all major assets in the table were down over the previous seven days. The Crypto Fear & Greed Index measured market sentiment at 34, indicating a “Fear” environment on November 1.
Next steps and ongoing risks
Market watchers have continued to monitor on-chain transactions for further movements linked to the attacker. While additional swaps of stolen assets have been reported, there is no clear indication of how much SHIB, if any, remains linked to the original wallet.
Binance’s commitment to replenish all lost tokens remains in effect, with progress updates expected as the process continues. The precise timing for completion has not yet been confirmed.
The trading range established at the beginning of November and the prior low provide some indication of recent volatility, but analysts caution that these historic movements do not reliably predict future support or resistance levels for SHIB.
