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Magyar1 Nov 2026
On-chain tracker Lookonchain says the Binance hacker sold more than 130 altcoins on EVM chains for about 123,400 ETH and 1.69M USDC, roughly $279M in total. The swap into ETH matches the FBI's description of how the stolen funds are being laundered.
Exchanges TradeReviewed News Desk
The Binance hacker has sold more than 130 different altcoins on EVM chains alone, according to on-chain analytics account Lookonchain. The sales brought in about 123,400 ETH, worth roughly $277.26 million, plus 1.69 million USDC, for a total of around $279 million.
The figures come from on-chain tracking and have not been confirmed by Binance or law enforcement, so treat them as an estimate that may change as more wallets are identified.
Why the hacker is converting altcoins into ETH
The pattern fits what the FBI described when it formally attributed the record Binance hack to North Korea’s TraderTraitor group: stolen funds are mostly being converted to ETH. Long-tail tokens are easy to freeze, blacklist or trace on thin order books, while ETH is deep, liquid and harder to stop once it moves through decentralised exchanges.
Lookonchain’s count covers EVM chains only. Assets on other networks, including the bitcoin taken in the attack, are not part of the $279 million figure.
What it means for traders
- Small-cap pressure: dumping more than 130 tokens through on-chain liquidity means sudden sell walls in thin altcoins. Sharp, unexplained drops in small caps over recent days may partly reflect these sales.
- ETH flow: the hacker is a net buyer of ETH for now. A later move of that ETH through mixers or bridges could become a new headline risk.
- Wider context: the Binance incident drove October 2026 to $6.48 billion in crypto hack losses, the worst month on record by far.
If you are reviewing where you keep funds after the hack, our exchange comparison lays out fees, proof of reserves and security side by side, including our top picks BingX and OKX. This is not financial advice.
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Related reviews
Sources
- Lookonchain: How many altcoins has the Binance hacker dumped?
- FBI: North Korea Responsible for $6 Billion+ Binance Attack
News is for information only and is not financial advice. More crypto news
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