The attacker behind Binance’s $6.4 billion security breach sold nearly 500 billion SHIB for roughly $1.96 million in ETH as part of a broader liquidation of more than 130 altcoins that generated an estimated $279 million in proceeds.
Despite the sale, Shiba Inu recovered from a low near $0.00000446 and has since been trading in a tightening range that technical analysts now flag as a potential breakdown setup.
Hacker Liquidates Hundreds of Billions of SHIB
On-chain trackers including Lookonchain reported that the address tied to the October 29 incident offloaded approximately 499 billion SHIB. The tokens were converted into 873 ETH.
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The sale was one piece of a wider dump across altcoins, with the total proceeds from the attacker’s activity estimated at $279 million. Binance has said the breach stemmed from a compromised DevOps engineer’s laptop that allowed unauthorized withdrawals, and the exchange has pledged to cover user losses from its SAFU fund and company reserves.
Roughly $3 billion of the stolen assets were frozen on-chain by issuers and networks in the immediate aftermath.
Shiba Inu’s Price Holds Steady After The Dump
SHIB dipped to about $0.00000446 on October 30 before buyers stepped in. By the time of the initial reports the token had recovered toward the $0.0000047 area. The ability to absorb a sale of nearly half a trillion tokens without a deeper collapse stood out to some observers, even as broader market conditions remained soft following the Binance incident.
Rectangle Pattern Now Breaks To The Downside
On the 4-hour chart Shiba Inu (SHIB) has been trading inside a rectangle pattern. Price recently broke below the $0.00000475 support zone after consolidating in a relatively wide range, a move that technical commentary interprets as rising bearish pressure.
A sustained breakdown from here would open a downside target near $0.00000300. On the other side, a recovery and close back above $0.00000500 would return the token to the prior range.
Volume expansion is viewed as the key confirmation for whichever direction develops next.
Supply Shock Meets Shiba’s Technical Weakness
The combination of a large, forced sale from a high-profile security incident and a technical break below short-term support leaves SHIB sensitive to further selling.
At the same time, the post-dump recovery showed that buyers were still present near the lows.
Observers are now watching whether the rectangle breakdown holds and whether volume expands to confirm direction, or whether the token can reclaim the 0.00000475–0.00000500 zone and neutralize the near-term pressure.
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