499 Billion SHIB Dumped by Binance Hacker, Yet Price Absorbs It

According to blockchain analytics platform Lookonchain, the Binance hacker has dumped more than 130 altcoins across EVM chains, generating about $279 million in proceeds.

A security incident at digital asset exchange Binance last Thursday affected some $6.3 billion in assets, making it the largest crypto theft on record. Binance's initial investigation suggested the security incident may have started with a compromised DevOps engineer's laptop, which gave an attacker access to a service container, where they submitted unauthorized withdrawal transactions.

In a recent analysis on X, Lookonchain examined how many altcoins the Binance hacker has dumped. It noted that on EVM chains alone, the hacker dumped over 130 altcoins, sharing the list of some tokens affected in a table including $SHIB. The hacker dumped 499,926,072,560 $SHIB with a selling value of 873 $ETH worth $1,960,615.

In return for the altcoins sold, the hacker received 123,400 $ETH worth $277.26 million and 1.69 million $USDC, totaling approximately $279 million.

The Binance hacker continues to swap stolen funds. In a recent report by Lookonchain, the hacker is swapping the stolen 970,522 SOL worth $95.9 million for BTC.

$SHIB price absorbs selloff

As reported, the over 499 billion $SHIB stolen in the Binance hack represented 0.05% of its supply, with the $SHIB price relatively absorbing the selloff.

Shiba Inu price saw a sharp selloff on October 29, alongside the rest of the crypto market in an initial reaction to the news of the Binance hack. The drop hit a low of $0.00000446 on Friday, from where $SHIB sharply rebounded. Shiba Inu closed Saturday in the red, marking a loss of 18.92% in October.

Shiba Inu rebounded thereafter, fluctuating between $0.00000466 and $0.00000472 on November's first day as the price awaits further direction. At the time of writing, $SHIB was down 0.04% in the last 24 hours to $0.00000469 and down 3.14% weekly.

Binance says it has replenished about 95% of the impacted assets, reiterating a clear commitment to absorb the financial impact of the stolen funds. The crypto exchange also said it will continue to buy the remaining relevant token assets through market and over-the-counter channels until the covered amount reaches 100% for all tokens.