Binance Hacker's $33.93M ENA Sale Extends Descending Channel

Binance Attacker Unloads 217.5 Million ENA

The Ethena governance token had been pinned inside a descending channel on its four-hour chart, and the structure took a harder blow on Thursday, when on-chain tracking shows the attacker behind Binance's $6.3 billion security breach sold 217.5 million ENA tokens for $33.93 million. The disposal formed one strand of a wider conversion: the hacker swapped stolen assets for 70,480 ETH worth $158.25 million, selling the ENA at an average price near $0.16 and rotating through a basket of altcoins that included UNI, PEPE, LINK, AAVE, ONDO and WLD; the UNI leg covered 7.02 million tokens for $39.63 million and the PEPE leg 7.77 trillion tokens for $31.66 million. The breach itself struck on October 29, when an Ethereum wallet authorization mechanism let the attackers redirect funds from a Binance hot wallet; investigators have linked the incident to North Korean cybercriminals, and Binance's own investigation is still running. Price followed the flow: ENA fell 7.26% to $0.18653 on October 30 and ranged between $0.166247 and $0.217081 over 24 hours on about $1.38 billion of volume; live data now puts the token near $0.1871, still 27.86% below its level a month ago. On-chain analytics measured a drop of more than 16% for ENA inside the four-hour window that contained the breach, against roughly 4% for Ethereum, while Bitcoin lost more than 3% and total market capitalization declined by a similar margin. A counter-flow did surface: separate on-chain tracking identified another wallet that deposited 2 million USDC into Hyperliquid and opened a three-times-leveraged long on 22.78 million ENA, a position valued at $4.09 million, though one leveraged bet does not by itself establish that the selling pressure has ended. Binance has not disclosed a full accounting of the losses, leaving the attacker's on-chain sales as the market's main observable.

USDe Supply Held Through the Sell-Off

The stablecoin side of the protocol told a calmer story. Per Santiment's October 30 analysis, ENA's drop exceeded 16% in the four-hour window containing the October 29 breach and its four-hour close that day was the lowest since September 18, while Ethereum fell about 4% over the same window. USDe itself slipped only to $0.9974, at 04:00 UTC on October 30, roughly 0.2% below its intended dollar value. Its circulating supply on Ethereum changed by roughly $1.5 million during the attack, against a typical daily movement of around $21 million; staked USDe, or sUSDe, saw supply decline about 1.1%, with transfer activity rising but staying below the highest levels recorded since May. Ethena had previously said collateral exposed to centralized exchanges is held through off-exchange custody arrangements and that core USDe minting and redemption functions remained operational. Token economics add a slower-moving variable. In August, the foundation proposed directing 95% of net revenue from Ethena-branded businesses toward ENA repurchases once USDe supply reaches $7.5 billion, a threshold unmet while supply sat below $5 billion, alongside a purchase of locked ENA from selected early investors and proposed changes to the remaining unlock schedule. StablecoinX's revised agreement removed contractual lockups on its ENA holdings in October while keeping foundation approval requirements for certain sales; under the arrangement it must give advance notice of funding-related token sales, leaving the foundation five days to consider buying the tokens itself. The chart, for its part, stays heavy: the Know Sure Thing indicator reads -86.53 against its signal line at -42.52 and the Aroon Oscillator at -64.29; our ENA technical analysis puts resistance near $0.20 and then $0.21 to $0.22, with a loss of $0.1658 opening $0.15 and $0.14. Analyst Ali Martinez flagged that same channel earlier this week, marking a close above $0.22 as the trigger for a move toward $0.24 or $0.27, and the midpoint near $0.18 as the downside if resistance holds.

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Santiment's October 30 analysis.

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A Scored Floor at $0.1697

Our composite support and resistance scoring frames the same session from below: the strongest floor sits at $0.1567, rated 100 out of 100, and a second shelf at $0.1697 scores 85 out of 100; overhead, $0.2029 carries a 74 rating, directly beneath the $0.22 trigger marked above. Positioning reads thin rather than stressed: the perpetual funding rate prints -0.0038%, open interest stands at $181.7 million, and the RSI at 43.80 keeps the trend label on downtrend. Buy-side prints have appeared at these levels before, including a whale buying 6.61 million ENA for $1.34 million. What the sell-off did not change is the peg or the frame; USDe's supply barely moved, price is resting near the channel midpoint, and until $0.2029 gives way the tape stays inside the same descending structure.