The price of Tron ($TRX) dropped about 7% to $0.308 on Saturday, 31 October, as traders reacted to concerns that the hacker behind the $6.36 billion Binance theft might sell off a large stash of $TRX tokens acquired with stolen stablecoins.
At 17:50 London time, $TRX was trading at $0.308, down 7.0% in 24 hours and 6.4% over seven days, according to CoinPaprika data. This decline brought its market capitalization to approximately $29.3 billion. On other exchanges like OKX and Kraken, $TRX saw even steeper drops, with intraday lows reaching $0.3083.
The sell-off follows an unusual round trip that began on 29 October when attackers stole $6.36 billion from Binance hot wallets across ten blockchains. On Tron alone, the hacker took 612.7 million $USDT and 46.4 million $TRX. The hacker quickly swapped 234 million $USDT for $TRX on the decentralized exchange SunSwap, briefly pushing the price to about $0.37 on Kraken.
Now, traders are bracing for potential further selling. On 30 October, a wallet linked to the hacker moved 120 million $TRX to an unknown address, while other wallets sold 8.9 million $TRX for $3.1 million in $USDT. Analysts at Coinpaper have identified $0.32, $0.31, and $0.30 as key support levels, with the price already dipping below $0.31.
The next event for Tron is TRON Proposal 108, a smart-contract storage upgrade, set to take effect on 2 November at 12:00 GMT if approved by the network's super representatives. Until the hacker's $TRX stash is sold or traced, sharp price movements in either direction remain likely.