Several cryptocurrencies, including Chainlink (LINK), Pepe (PEPE), Uniswap (UNI), and Worldcoin (WLD), could face further selling pressure after a hacker liquidated millions of dollars worth of these tokens.
According to blockchain transaction data shared by Lookonchain, the attacker sold substantial holdings of seven altcoins before converting the proceeds into Ethereum.
Hacker Sells Over $158M in Altcoins
The attacker sold around 7 million UNI tokens worth $39 million at an average price of $5.65 on-chain. ENA followed, with 217 million tokens sold for $33 million million at an average price of $0.16.
Meanwhile, the hacker sold over 7 trillion PEPE tokens for around $32 million at $0.0000041 per token. The attacker also disposed of 2.5 million LINK tokens worth $26 million.
The remaining transactions involved 127,953 AAVE tokens worth $14 million, 21.85 million ONDO tokens valued at $6.62 million, and 17.32 million WLD tokens worth $6 million.
Collectively, the sales converted the seven altcoin holdings into nearly 70,500 ETH, valued at $158 million.
Why the Sell-Off Could Trigger Further Losses
Large cryptocurrency sales can weigh on prices when selling volume exceeds buying demand. Furthermore, substantial liquidations by major holders can unsettle investors and encourage others to reduce their exposure.
Consequently, the hacker’s transactions could intensify selling pressure on the affected tokens as traders react to the possibility of further declines.
At press time, all seven tokens were recording losses over the past 24 hours. UNI had declined 4.38%, while ENA was down 5.57%. Similarly, PEPE had fallen 1.3%, LINK had dropped 3.51%, and AAVE had lost 3.38%. ONDO and WLD were also down 4.02% and 4.2%, respectively.
These declines indicate that the tokens were already under pressure. Nevertheless, it remains unclear whether the sell-off will intensify or whether buyers will absorb the available supply and help stabilize prices.
How the $6.3 Billion Binance Hack Happened
The token sales follow a major security incident involving Binance, the world’s largest cryptocurrency exchange, in which attackers stole $6.3 billion.
Binance stated that the incident did not compromise wallet private keys. Meanwhile, blockchain intelligence firm TRM Labs attributed the attack, with high confidence, to TraderTraitor, a North Korean state-sponsored hacking group.
Recovery efforts have frozen roughly $3 billion of the stolen funds on-chain. However, the attacker’s wallet still holds a reported balance of $5.79 billion. Meanwhile, Binance has reopened deposits but suspended withdrawals, with plans to restore the service within 48 hours. The exchange also pledged to cover unrecovered losses.
