Lookonchain warned of selling pressure on 12 tokens with balances worth approximately $180 million after reporting that the wallet linked to the Binance attack had begun converting altcoins into Ethereum.
According to the on-chain analytics platform’s post, a wallet linked to the attacker is selling some altcoins, including PEPE, UNI, and LINK, for ETH on-chain. This has shifted attention from tracking assets withdrawn from Binance to the sales that began following the transfers.
The post did not specify how many tokens had been sold. However, a breakdown of the assets remaining in the wallet shows which altcoins could come under pressure if sales continue.
Which altcoins remain in the wallet?
At the values listed when the post was published, the 12 tokens total approximately $180,32 million. The three largest balances are ENA, PEPE, and LINK:
- ENA: 217,497 million tokens, worth approximately $39,51 million.
- PEPE: 7,579 trillion tokens, worth approximately $34,41 million.
- LINK: 2,575 million tokens, worth approximately $28,07 million.
- AAVE: 128.034 tokens, worth approximately $15,9 million.
- UNI: 1,938 million tokens, worth approximately $12,62 million.
- ARB: 74,56 million tokens, worth approximately $11,54 million.
- ONDO: 21,852 million tokens, worth approximately $8,52 million.
- WLD: 17,318 million tokens, worth approximately $6,73 million.
- FUN: 714,911 million tokens, worth approximately $6,29 million.
- ZAMA: 87,853 million tokens, worth approximately $6,02 million.
- ZRO: 3,602 million tokens, worth approximately $5,69 million.
- RSR: 3,382 billion tokens, worth approximately $5,02 million.
Why does it matter if the sales continue?
Lookonchain’s warning is based on the possibility that these balances in the wallet could also be sold. While sales of PEPE, UNI, and LINK have been reported, no information was shared indicating that all the assets on the list had been sold. Therefore, the $180 million figure represents the value of the balances remaining in the tracked wallet, not completed sales volume.
We covered the initial price reaction in Bitcoin, Ethereum, and BNB following reports of the attack in our previous article. The latest development is that the wallet linked to the attacker has begun selling altcoins directly, potentially adding further selling pressure from the tokens still in its holdings.
Not investment advice.