TRON (TRX) Price Falls 9% as Binance Hacker Sits on 638M TRX

By Nodora News · 1 November 2026 · Updated 1 November

TRON (TRX) fell about 9% to $0.31 as traders weigh 638 million TRX held by the Binance hacker, a stash that cannot be frozen and is already moving.

TRON (TRX) is one of the weakest major coins of the weekend. TRX has fallen about 8.6% in 24 hours to roughly $0.312 on OKX, sliding steadily from near $0.343 as traders weigh a large pile of TRX now sitting in wallets linked to the record $6.3 billion Binance hack. The drop wipes out the token's brief spike on October 29, when the attacker's own buying pushed TRX above $0.36.

Key takeaways

• TRX fell from about $0.341 to $0.312 on OKX over 24 hours, a loss of roughly 8.6%, with a low near $0.310.
• The Binance attacker swapped about $234 million of stolen USDT into roughly 638 million TRX on SunSwap before Tether could freeze it, according to Arkham.
• Unlike USDT or USDC, TRX has no issuer that can freeze it, so that stash can still be sold.
• On-chain trackers have seen the TRX split across new wallets and small amounts sold back into USDT.

What Happened to TRON (TRX)?

On October 29, attackers drained Binance hot wallets across about ten blockchains in one of the fastest thefts on record. Tron was one of the hardest-hit networks: blockchain analysts at Arkham and TRM Labs count about 612.7 million USDT and 46.4 million TRX taken from Binance on that chain, worth around $628 million in total.

Stablecoin issuers moved quickly. Tether blacklisted the attacker's USDT addresses within about 40 minutes of the main sweep. Before that happened, though, the attacker managed to trade about 234 million USDT for roughly 638 million TRX through SunSwap, the main decentralised exchange on Tron.

That swap is the core of today's TRX story. A stablecoin can be frozen by the company that issues it. TRX cannot, because no central party controls it. Converting frozen-at-risk dollars into TRX was a way for the attacker to keep that value out of reach, and it left a large block of TRX in hostile hands.

For context on the wider breach, see our earlier coverage of the record $6.3 billion Binance hack and Binance's update that it has replaced 90% of the stolen funds.

Why Is TRX Price Down Today?

The short answer is a supply overhang: traders know a single bad actor holds a big amount of TRX and may try to sell it over time.

• The stash is large. Arkham's tally on October 30 put the attacker's movable TRX at about 683 million coins, worth roughly $240 million at the time.
• It is moving. On October 30 the main 638.2 million TRX pool was split into five new addresses, four holding 120 million TRX each and one holding about 158 million, according to on-chain records reported by TokenPost and Crypto Briefing.
• Some of it has already been sold. Bitquery found that early on October 30, wallets funded from the hacker's Tron addresses sold about 8.9 million TRX for around $3.1 million in USDT. It also traced a separate chain where about 11.4 million TRX was moved through new addresses and swapped back into USDT.

Investigators describe these patterns as "peel chains": funds broken into smaller pieces and passed through fresh wallets so they are harder to follow and easier to cash out bit by bit. Each new transfer reminds the market that more selling could come.

The reversal is also mechanical. The attacker paid well above market for TRX on October 29. Bitquery says the average price was about $0.367 when the wider market was near $0.33, which briefly pulled TRX higher. With that one-off buyer gone, the price has drifted back down and then below where it started.

TRX Market Reaction and Price

Selling has been steady rather than sudden, with TRX printing lower highs almost every hour through Saturday. Here are OKX spot figures at the time of writing:

• TRX price: about $0.3116
• 24h open: $0.3410
• 24h high / low: $0.3430 / $0.3104
• 24h change: roughly -8.6%

The weakness stands out because most large coins are calm or slightly up. On OKX, Bitcoin (BTC) is up about 0.5% near $77,560 and Ether (ETH) is up about 1.4% near $2,252 over the same period. That points to a TRX-specific problem rather than a broad market sell-off.

Coinpaper and CoinMarketCap's market notes both point to the hack-related supply as the main driver, with technical selling adding to it after TRX slipped under its short-term moving averages. Derivatives data cited by Coinpaper also showed negative funding on perpetual futures, which means more traders are paying to hold short positions. You can follow TRX and other coins live on Nodora Charts.

What This Means for TRON Holders

Nothing here points to a problem with the Tron network itself. Blocks are being produced normally, and USDT on Tron, the network's biggest use, was frozen by Tether rather than lost by ordinary users. The pressure is on the price, not the chain.

The risk is about timing and size. If the attacker tries to sell hundreds of millions of TRX, that could weigh on the price for weeks. If the coins sit still, or are sold slowly through decentralised pools, the market may absorb them with less damage. Exchanges also watch these addresses closely, so moving the TRX onto a large centralised venue would be difficult.

What to Watch Next for TRX

• Wallet movements. Transfers from the tagged hacker addresses on TronScan, Arkham or Whale Alert are the clearest early signal of fresh selling.
• Binance withdrawals. Binance says it aims to reopen withdrawals on Sunday, November 1, after security checks. A smooth restart could calm the wider market.
• Price levels. Traders are watching the $0.31 area that TRX is testing now, with $0.30 as the next round number below. On the upside, getting back above $0.33 would recover much of the drop.
• Recovery efforts. Any action by Tron-based services or exchanges to limit the attacker's ability to cash out would ease the overhang.

TRX's drop is a direct knock-on from the Binance theft rather than a change in TRON's fundamentals, but until the hacker's TRX is spent, frozen or clearly parked, it is likely to keep hanging over the price. This article is for information only and is not financial advice.

#TRON #TRX #Binance hack #Whale activity #Crypto market

This article is general information, not financial advice.