Tron’s token, TRX, fell sharply on Saturday, dropping around 7% to $0.308 as traders priced in the risk that TRX acquired during a major Binance hack could be sold into the market. The move comes after blockchain analysts linked the theft to a North Korea-linked group and traced how stablecoins were rapidly swapped into TRX to avoid possible freezing.
Data compiled by CoinPaprika showed TRX trading at $0.308 at 17:50 London time, down 7.0% over 24 hours and 6.4% over seven days, valuing the token at roughly $29.3 billion. Other venues reflected similar pressure, with TRX down about 9% on OKX and hitting an intraday low of $0.3083 on Kraken, its weakest level of the week.
Key takeaways
- Price move: TRX slid about 7% to $0.308 on Saturday.
- Catalyst: Market participants focused on potential sell pressure tied to TRX obtained via swaps from stolen USDT after the Binance hot-wallet theft.
- Near-term risk: Ongoing wallet activity suggests an “overhang” as stolen funds are gradually converted and dispersed.
- Technical focus: Traders are watching the $0.30 area after the token moved to roughly 30% below its December 2024 all-time high.
- Network event: Tron Proposal 108 is scheduled to take effect on 2 November, contingent on approval by the network’s super representatives.
What drove TRX lower
The decline is rooted in concerns that tokens acquired during the late-October Binance breach could be liquidated. According to TRM Labs, attackers drained about $6.36 billion from Binance hot wallets across ten blockchains on 29 October, attributing the incident to North Korea’s TraderTraitor group.
TRM Labs said the theft included activity on Tron: the attacker took 612.7 million USDT and 46.4 million TRX from a Binance hot wallet. The mechanism matters for market pricing. Because Tether has the ability to freeze USDT, the attacker moved quickly to swap USDT into TRX, which does not have a central issuer capable of freezing token transfers.
Data cited by Bitquery indicated the attacker swapped 234 million USDT for TRX on the decentralised exchange SunSwap, paying an average of about $0.367 per token against an observed market level of roughly $0.33. That burst of buying initially supported a rebound—TRX briefly rose to around $0.37 on Kraken late on 29 October.
However, the momentum faded as the buy-side impulse was followed by signs of distribution. Crypto Briefing, citing Whale Alert, reported that a wallet holding stolen funds moved 120 million TRX to an unknown address on 30 October. Bitquery also reported that 15 new wallets funded through the hacker’s Tron addresses sold 8.9 million TRX for about $3.1 million in USDT early on 30 October, while its largest stash had not moved.
Market reaction and what traders are watching
As the potential for further selling increased, TRX traded lower across major venues. The token is now roughly 30% below its all-time high of $0.44 reached in December 2024, leaving it more vulnerable to downside if additional stolen TRX is converted or dispersed.
Importantly, the token’s inability to be frozen means the market is left to monitor wallet behavior rather than rely on enforcement actions that may stop transfers. TRM Labs said Tether froze 378.7 million USDT in two attacker wallets on Tron, but any remaining TRX associated with the hack remains transferable.
Analyst commentary highlighted nearby levels that traders may use for risk management. Coinpaper pointed to support around $0.32, $0.31 and $0.30, with resistance clustered at $0.33, $0.34 and $0.36. With TRX already trading below $0.31, $0.30 is positioned as the next test, a zone close to the token’s lowest point over the past year.
Bigger picture: security overhang and network catalysts
Beyond the immediate price action, investors are calibrating exposure to crypto assets against counterparty and security risk. The Binance theft is the kind of event that can rapidly change token flows, particularly when stolen stablecoins are swapped into assets that can move freely.
Tron’s underlying positioning as a stablecoin network has not changed, but the token’s trading range appears increasingly dependent on the actions of a specific cluster of wallets tied to the hack. Until the stolen TRX stash is fully sold or traced, sharp moves in either direction are likely.
Separately, Tron Proposal 108—a smart-contract storage upgrade—is scheduled to take effect on 2 November at 12:00 GMT, provided it receives approval by the network’s super representatives. While this is a protocol milestone rather than a direct response to the hack, such events can become focal points for liquidity and sentiment if they coincide with heightened market uncertainty.
Heading into the next few sessions, investors will likely watch for further on-chain transfers from addresses linked to the theft, any additional swapping activity back into USDT, and whether TRX can stabilize above the $0.30 area. With Tron Proposal 108 approaching, traders may also assess whether network-level developments attract buyers despite the ongoing sell-pressure narrative.
