The price of Tron (TRX) dropped about 7% to $0.308 on Saturday, October 31, as traders grew concerned about the potential sale of TRX tokens acquired by the hacker responsible for the $6.36 billion Binance breach. TRX was trading at $0.308 at 17:50 London time, marking a 7.0% decline in 24 hours and a 6.4% drop over seven days, according to CoinPaprika data. This decline brought Tron's market capitalization to approximately $29.3 billion.
The sell-off followed an unusual round trip that began on October 29, when attackers stole $6.36 billion from Binance hot wallets across ten blockchains. The hacker, attributed to North Korea's TraderTraitor group, took 612.7 million USDT and 46.4 million TRX from a Binance hot wallet on the Tron network. The attacker quickly swapped 234 million USDT for TRX on the decentralized exchange SunSwap, paying an average of $0.367 per token, which briefly pushed TRX to about $0.37 on Kraken.
Traders are now pricing in the risk of further selling. Crypto Briefing reported that a wallet holding stolen funds moved 120 million TRX to an unknown address on October 30. Bitquery noted that 15 new wallets funded through the hacker's Tron addresses sold 8.9 million TRX for $3.1 million of USDT early on October 30, while the largest stash remained unmoved. Tether has frozen 378.7 million USDT in two attacker wallets on Tron, but the TRX itself cannot be frozen.
Analysts at Coinpaper identified $0.32, $0.31, and $0.30 as key support levels, with resistance at $0.33, $0.34, and $0.36. With the price already below $0.31, the $0.30 area is the next critical test. This level is close to the token's lowest point of the past year. The next event for Tron is Proposal 108, a smart-contract storage upgrade, set to take effect on November 2 at 12:00 GMT if approved by the network's super representatives.