1INCH Slides 13%, Extending Losses Beyond Bitcoin and Ether

1inch’s $1INCH token fell nearly 13% over 24 hours on Oct. 30, extending a decline that has outpaced Bitcoin and Ether. The token traded at about $0.078 around 11:55 a.m. ET, with a 12.9% daily loss, according to CoinGecko.

Over the 28 days ending at 11 a.m. ET on Oct. 30, $1INCH lost about 24.8%, compared with 10.1% for Bitcoin and 17.5% for Ether, based on The Defiant’s calculations from matched CoinGecko price samples.

The latest selloff coincided with a security incident at Binance that directly involved the token. 1inch said some $1INCH was among the stolen assets and that it had blocked exploit-linked addresses from its trading app, wallet and API. Those restrictions do not freeze the tokens: “$1INCH is a standard ERC-20 with no freeze or blocklist function,” the project said.

1inch routes swaps across decentralized trading venues. DefiLlama recorded about $3.37 billion of trading routed through its aggregator over the past 30 days. CoinGecko put the token’s circulating market capitalization at about $110 million.

Selloff Extends a Longer Decline

The exchange incident provides a concrete backdrop to the latest drop, though it does not establish whether, or how much, attacker sales contributed to $1INCH’s decline. The project’s statement did not quantify the stolen $1INCH.

Blockchain analytics firm Elliptic reported that the Binance attacker sold around 150 tokens for $ETH on decentralized exchanges, with those token sales stopping around 2:36 a.m. ET on Oct. 30. Its investigation also identified swaps through 1inch, Uniswap and market makers that converted stolen USDT into $ETH. Those transactions describe activity through the aggregator, distinct from sales of its token.

The weakness extended beyond $1INCH. Around noon ET, CoinGecko showed Bitcoin down about 5.1% over 24 hours, Ether down 5.9% and decentralized exchange Uniswap’s UNI down 6.1%. All three fell less than $1INCH.

Binance said it had reserved more than $6.34 billion of company funds to cover the incident, with $5 billion already held in the affected tokens. It said it was buying the remaining token assets through market and over-the-counter channels to address shortfalls.