Ethereum News: $1 Billion in ETH Moves as Binance Hack Unfolds

Ethereum News Today: Binance Hack and Whale Moves Put ETH in Pressure

Ethereum news today centers on a reported Binance security breach that has put Ethereum fund movements under close watch. SoSoValue Research says Chainalysis estimated the stolen amount at about $5.9 billion. 

Trackers report that attacker-linked wallets are swapping other tokens for Ethereum and moving large sums to new addresses. Meanwhile, several whales closed long positions and opened short bets. 

Traders are now watching the Ethereum network and derivatives markets for signs of Ethereum price pressure.

Ethereum News Today: At a Glance

• Binance reported a security breach, with assets moving into Ethereum.

• Hacker-linked wallets sent millions in tokens to new addresses.

• A four-month BTC and Ethereum long holder turned bearish.

• A Hyperliquid trader is up on leveraged BTC and Ethereum shorts.

• A large Ethereum whale cut exposure to avoid liquidation.

• The Pando Rings hacker reportedly made a fresh purchase worth $16.72 million.

Binance Hack Puts Ethereum in Focus as Stolen Funds Move

The incident was reported on the evening of October 29 and into October 30. SoSoValue Research cites Chainalysis for the $5.9 billion estimate. Cobo co-founder Shen Yu puts abnormal transfers across Ethereum, TRON and Bitcoin at about $5.8 billion at their peak. He also notes that roughly $1.4 billion in BTC transfers are not yet confirmed as stolen. These are estimates, not verified totals.

Blockaid says the attackers used Ethereum’s EIP-7702 authorization feature. It reports that 14 Binance hot wallets were delegated to an unverified transfer contract. SlowMist’s cosine says the feature itself has no flaw and was used for convenience in sweeping funds. SlowMist’s 23pds leans toward a private key leak, though that is not confirmed.

Lookonchain says the attacker is dumping tokens such as PEPE, UNI and LINK for ETH. Arkham reported a $38.82 million Ethereum transfer to a new wallet. Onchain Lens says the attacker still holds about 480,720 ETH, near $1.08 billion. Onchain Lens suspects laundering plans, but a wallet move alone does not prove it. Tether and Circle reportedly froze large stablecoin amounts. Binance says user funds are safe and it will cover the losses.

Source: EmberCN Data

Why the Binance Incident Could Increase Ethereum Price Pressure

The swap of stolen assets is the key point for readers tracking the Ethereum price. Large holdings do not equal market selling, though. Actual swaps and exchange flows matter more.

SoSoValue Research points to the February 2025 Bybit hack. In that case, about 500,000 ETH moved into BTC in roughly 10 days, mostly through THORChain. Only 3.8% of the funds were frozen. If Binance follows a similar path, selling could come early, while BTC cash-outs may be slow and spread out.

This case may differ. Many stolen assets were stablecoins, and much of that was frozen. The report says about 195,000 ETH, worth around $440 million, cannot be frozen directly. Figures from different trackers vary, so treat them with care. The report suggests watching traffic on THORChain and Chainflip as a sign of how fast funds are being swapped.

Ethereum Whale Activity: Long Positions Close as Traders Turn Bearish

Lookonchain says trader 0x15a4 closed longs on 1,000 BTC and 10,000 ETH after holding them for four months. The reported profit is over $20 million. The trader then opened a 13,000 ETH short with 20x leverage, valued near $29 million.

EmberCN described a similar move. A whale closed about $100 million in longs, took $17.78 million in profit, and opened a short position of 20,000 coins. It appears to be the same wallet reported with different position sizes, so figures may differ by source and time.

These trades show leveraged traders expecting more weakness after the Binance news. They are still individual bets. They do not prove the wider Ethereum price trend has turned down.

Source: Lookonchain

Hyperliquid ETH Traders Face Different Outcomes as Leverage Rises

Onchain Lens reports that a Hyperliquid whale opened a $48.56 million ETH short and a $47.77 million BTC short. The trader used 25x and 40x leverage and held a $2.75 million unrealized profit after four hours.

Another trader, Long Loyalist, deposited 4.9 million USDC and placed buy orders for about 9,630 Ethereum coins, near $20 million. That trader already holds a long position of 4,860 coins with a $4.63 million unrealized loss.

The two sides show a split market. Leverage can multiply gains, but it can also multiply losses, and ETH liquidation risk rises when prices move quickly.

Source: Onchain Lens

Ethereum Whale Reduces Exposure While Pando Rings Hacker Buys

Lookonchain says a whale with a 93,184 ETH long closed 36,517 coins to avoid liquidation. It still holds 56,667 coins. The reported liquidation prices are $2,122.44 and $2,129.72, and total losses exceed $38 million.

In contrast, the Pando Rings hacker bought 7,548 ETH, about $16.72 million, roughly two hours before the report. Pando Rings lost about $21.89 million in a November 2022 oracle manipulation attack. One wallet is cutting risk while another adds exposure.

Source: Lookonchain

Ethereum Market Developments: Key Transactions and Timeline

Ethereum Price Today

Ethereum price is $2,230.44, down 3.7%. Its market cap is near $272.1 billion and 24-H trading volume of $25.3 Billion 

Source: CoinGecko Data

Timeline

Dates follow the supplied reports. The exact order of transactions is not verified.

What Ethereum Traders Should Watch Next

Watch for new moves from attacker-linked wallets and updates from Binance’s investigation. Track swaps into BTC, THORChain and Chainflip volumes, and large liquidation levels. Also check whether whale selling leads to broader exchange inflows.

Conclusion

The Binance incident has pushed Ethereum fund movements into focus, and large traders are split on what comes next. Real selling, security updates and market liquidity will shape the next steps in Ethereum news today. No firm Ethereum news prediction is possible yet.

YMYL Disclaimer: Cryptocurrency markets are highly volatile. On-chain wallet movements do not set future price direction. This article is for information only and is not investment advice. Do your own research before trading.