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The perpetrator of Binance’s $6.4 billion security breach transferred nearly 500 billion SHIB, valued at about $1.96 million in ETH, as part of a larger liquidation of over 130 alternative cryptocurrencies that yielded roughly $279 million.
Notwithstanding the sell‑off, Shiba Inu rebounded from a low near $0.00000446 and has since moved into a narrowing trading range, which technical analysts now view as a potential breakdown formation.
Attacker Liquidates Hundreds of Billions of SHIB
On‑chain analytics from Lookonchain indicated that the wallet linked to the October 29 incident transferred roughly 499 billion SHIB, which were swapped for 873 ETH.
This transaction formed part of a broader altcoin liquidation, with total proceeds from the attacker’s activities estimated at $279 million. Binance stated the breach originated from a compromised DevOps engineer’s laptop that enabled unauthorized withdrawals, and the exchange has committed to reimbursing affected users from its SAFU fund and corporate reserves.
Shiba Inu Holds its Ground as Binance Hacker Dumps 499B Tokens
The attacker behind the $6.3 billion Binance (@binance) security breach has liquidated more than 130 altcoins.
Lookonchain estimates the sales generated approximately $279 million in total proceeds.
Among the… pic.twitter.com/rcNLi0jp5e
— BSCN (@BSCNews) November 2, 2026
Approximately $3 billion of the stolen assets were frozen on‑chain by issuers and networks right after the incident.
Shiba Inu Maintains Price Stability After Large Sell‑Off
SHIB fell to approximately $0.00000446 on October 30 before purchasing pressure resurfaced. By the time of the initial reports, the price had risen toward $0.0000047. The capacity to absorb a near‑half‑trillion‑token sale without a deeper decline impressed many observers, despite the overall market remaining subdued after the Binance incident.
Rectangle Pattern Breaks Downward
On the 4‑hour chart, Shiba Inu (SHIB) has been consolidating within a rectangle pattern. Recent price action fell below the $0.00000475 support level after a period of consolidation in a relatively broad range, a development that technical analysts interpret as increasing bearish pressure.
$SHIB / USDT – 4H
SHIB is trading in a Rectangle Pattern Price has broken below the $0.00000475 support zone after consolidating within a wide range, indicating increasing bearish pressure.
A sustained breakdown could expose the downside target near $0.00000300, while a… pic.twitter.com/8orDEfXrLE
— Crypto With Gopal (@cryptowithgopal) November 3, 2026
An increase in trading volume is considered the primary confirmation for the direction that ultimately unfolds.
Supply Shock Converges with Shiba’s Technical Weakness
The combination of a large, forced sale stemming from a high‑profile security breach and a technical breach below short‑term support renders SHIB vulnerable to additional selling pressure.
Meanwhile, the recovery after the dump demonstrated that buyers remained active near the lows.
Analysts are monitoring whether the rectangle breakdown persists and whether rising volume confirms the move, or if the token can reclaim the $0.00000475–$0.00000500 zone and alleviate short‑term pressure.