---
title: "Shiba Inu (SHIB) Wallet Sells 500B Tokens | MemeBlock"
description: "A wallet linked by trackers to the Binance incident sold 499.93 billion SHIB through ShibaSwap and Uniswap for a reported 873 ETH."
last_updated: "2026-11-02"
---

Latest News / MEMEBLOCK 
# Binance Exploit-Linked Wallet Sells Nearly 500B Shiba Inu (SHIB)
A wallet identified by blockchain trackers as connected to the October Binance security incident sold 499.93 billion SHIB through ShibaSwap.

[A. Nav](/author/a-nav/) · $SHIB · Ethereum Blockchain November 4, 2026 16 min read 

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Key takeaways 
- A wallet labelled Binance Hot Wallet Exploiter 2 was reported to have sold 499926072560 SHIB through 13 swaps on October 30 2026.

- The reported route sent approximately 300.53 billion SHIB through ShibaSwap and 199.40 billion through Uniswap V3 generating about 873 ETH valued near $1.96 million at the time.

- Binance's November 3 security update confirmed the wider incident but did not specifically confirm the identity or ownership of the wallet involved in the SHIB sale.

Shiba Inu (SHIB) is a decentralized meme cryptocurrency built on the Ethereum blockchain. SHIB is the project's native token and operates as an ERC-20 token on Ethereum. The token is widely traded across decentralized exchanges, including ShibaSwap and Uniswap. In the reported incident, a wallet linked to the Binance exploit allegedly sold nearly 500 billion SHIB through these platforms.

A wallet associated by blockchain trackers with the October 29 Binance security incident sold approximately 499.93 billion Shiba Inu tokens through ShibaSwap and Uniswap in a series of transactions on October 30, according to an investigation of Ethereum blockchain records published on November 3. The reported 13 swaps took place over approximately eight minutes and converted the SHIB into about 873 ETH, valued at approximately $1.96 million at the time.

The transaction reconstruction identifies two main destinations. Approximately 300.53 billion SHIB, or 60.1% of the reported sale, went through a ShibaSwap SHIB/WETH liquidity pool. Another 199.40 billion SHIB, representing 39.9%, was routed through a Uniswap V3 pool.

The sale is part of a much larger sequence of asset movements following Binance's October 29 security incident. Lookonchain separately reported on November 1 that the wallet associated with the incident had exchanged more than 130 different tokens on Ethereum Virtual Machine-compatible networks, receiving approximately 123,400 ETH and 1.69 million USDC in total. The SHIB conversion was one component of that wider activity.

The transactions are visible through Ethereum records, but the attribution requires care. Etherscan labels the receiving address as "Binance Hot Wallet Exploiter 2," and independent researchers have connected it to the incident. Binance's November 3 statement discusses the security breach and recovery measures, but does not specifically identify the address involved in the SHIB swaps as belonging to the attacker. The wallet attribution should therefore be understood as an on-chain investigation finding, not a direct Binance confirmation.

The market response also requires a distinction between the transaction's immediate price impact and SHIB's broader daily performance. A published reconstruction citing CoinGecko hourly data described a short-lived decline during the selling window, followed by a recovery several hours later. Daily price records show that SHIB traded through a wider range on October 30, but those records alone cannot establish how much of the movement was caused by this particular sale.

## Nearly 500 Billion SHIB Sold Through Two Decentralized Exchanges
The wallet at the centre of the reported sale is identified by Etherscan as Binance Hot Wallet Exploiter 2. Its Ethereum address is 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c.

According to the transaction reconstruction published by CryptoTicker on November 3, the wallet received 499,926,072,560 SHIB in three incoming transfers on October 29. The deposits reportedly came from an address labelled Binance 14. The largest transfer accounted for approximately 499.07 billion SHIB, followed by two smaller transfers of approximately 24.5 million and 834.5 million SHIB.

The reported total was then sold through 13 outgoing swaps on October 30. The transactions were directed to two decentralized exchange liquidity pools rather than being placed as one large sell order on a centralized exchange.

The reported distribution was as follows:

ShibaSwap SHIB/WETH pool: 10 swaps involving approximately 300.53 billion SHIB, or 60.1% of the total.

Uniswap V3 pool: Three swaps involving approximately 199.40 billion SHIB, or 39.9% of the total.

Combined reported sale: 13 swaps involving approximately 499.93 billion SHIB.

The distinction between the number of swaps and the number of tokens matters. Thirteen separate transactions do not mean thirteen independent sellers. The reconstruction follows activity from one wallet to two pool destinations. It describes how the tokens were exchanged, not the identities of the people or automated systems operating the receiving liquidity pools.

The eight-minute interval is also tied to the transaction timestamps reported in the reconstruction. The sales reportedly began at approximately 02:26 and ended at approximately 02:34 Central European Time on October 30. That corresponds to approximately 01:26–01:34 UTC.

CryptoTicker says its November 3 investigation was based on 16 SHIB-related transactions associated with the address: three incoming transfers and 13 outgoing transfers, alongside the balances of the two receiving pool contracts. This provides a transaction-level reconstruction, although MemeBlock has not independently reproduced every swap from raw Ethereum node data for this report.

## How Much ETH Did the SHIB Sale Generate?
Lookonchain's November 1 analysis, cited by U.Today, attributed approximately 873 ETH to the conversion of 499,926,072,560 SHIB. U.Today reported the proceeds at approximately $1,960,615 at the time.

That valuation is an estimate tied to the ETH price at the time of the analysis. It is not a fixed dollar amount embedded in the SHIB token transfers. The on-chain record can establish the token movements and the assets received, while the dollar equivalent depends on the market price used for conversion.

The reported proceeds imply an average conversion value of approximately 0.000001746 ETH per SHIB. Using the reported dollar value, the average proceeds work out to roughly $0.00000392 per SHIB.

A separate comparison cited by CryptoTicker placed SHIB around $0.00000457 during the relevant market period. On that comparison, the average realised value was approximately 14% to 15% below the quoted market price.

That difference is consistent with the mechanics of a large sale into liquidity pools. A decentralized exchange pool does not necessarily execute a large swap at the same price shown by a market-data website. The exchange rate changes as the pool's token balances change. Selling a large quantity of SHIB into a pool can move the pool price against the seller, reducing the average value received.

The reported 873 ETH should therefore be understood as the estimated proceeds from the identified swaps, not as proof that the seller obtained the prevailing quoted SHIB market price for every token.

The larger liquidation also provides context. Lookonchain's November 1 post reported that more than 130 altcoins were exchanged on EVM-compatible networks, producing approximately 123,400 ETH and 1.69 million USDC. It valued the combined proceeds at roughly $279 million. The SHIB sale was one part of this wider token liquidation, rather than an isolated event involving only Shiba Inu.

## Why Did the Wallet Use ShibaSwap and Uniswap?
ShibaSwap and Uniswap are decentralized exchanges that use liquidity pools to facilitate token swaps. Unlike a conventional centralized exchange order book, a liquidity pool holds token reserves in a smart contract. Traders exchange one asset for another against those reserves.

ShibaSwap is associated with the Shiba Inu ecosystem. The reported SHIB route used a SHIB/WETH pool, where WETH is wrapped Ether, a token representation of ETH compatible with Ethereum-based decentralized applications.

Uniswap is a decentralized exchange protocol. Its V3 design allows liquidity providers to concentrate liquidity within selected price ranges. The reported SHIB transactions were directed to a Uniswap V3 pool.

The pool structure explains why a large transaction can have a different execution price from the price displayed on a broad market-data platform. When a trader sells SHIB into a pool, the pool receives more SHIB and releases WETH. The relative reserves change, and the price available for subsequent swaps can move.

Splitting the sale across two destinations may have changed how the transactions interacted with available liquidity. However, the existence of two routes does not prove the seller's exact strategy or motive. The public transaction pattern establishes the destinations and quantities reported by the reconstruction; it does not establish why the wallet operator selected those pools or whether the split was intended to reduce detection, execution costs or price impact.

The subsequent movement of tokens through arbitrage can also distribute the effect across venues. If a pool's SHIB price moves below prices available on other exchanges, arbitrage traders may buy the discounted SHIB and sell it elsewhere. That activity can narrow price differences between venues, while spreading the effect of the original sale through the wider market.

This is a possible market mechanism, not proof that every token from the reported sale was immediately purchased by arbitrage traders or that the entire quantity reached centralized exchanges.

## How SHIB's Price Moved Before, During and After the Sale
The sale took place during a period of volatility in Shiba Inu's market price. Historical market records show that SHIB had already experienced a significant decline on October 29, before the reported eight-minute selling period on October 30.

CoinGecko-based historical data published by The Defiant shows SHIB closing around $0.00000496 on October 29, after trading from approximately $0.00000460 to $0.00000503 in its UTC daily session. On October 30, the reported daily range extended from approximately $0.00000448 to $0.00000508, with a close around $0.00000463 in that dataset.

Other market-data providers show a similar broad intraday range, although their daily open and close values differ because of venue coverage and aggregation. Investing.com recorded an October 30 low near $0.00000448 and a close near $0.00000480 in its historical series.

The difference between those daily records is a reminder that a daily candle is not a single universal price. Market-data providers may use different exchanges, time boundaries, liquidity sources and aggregation methods. A daily close from one dataset should not be mixed with an intraday price from another as though both came from the same trading venue.

CryptoTicker's November 3 reconstruction, citing CoinGecko hourly prices, reported that SHIB declined by approximately 1.5% during the hour of the sale and was trading higher again a little more than four hours later. This is a short-term price comparison reported by that publication. The underlying hourly dataset was not independently reproduced for this article, so the exact intrahour percentage should remain attributed rather than presented as a separate MemeBlock calculation.

Daily records provide additional context. CoinGecko-based data shows SHIB closing around $0.00000467 on October 31, approximately $0.00000470 on November 1 and $0.00000457 on November 2. The token then closed near $0.00000463 on November 3 in the CoinGecko-based series.

The price history does not show a sustained upward move that would prove the sale had no lasting effect. Nor does it show that the eight-minute transaction sequence alone explains the wider decline and recovery. SHIB was already moving in a volatile market, and the October 29 price weakness preceded the reported sale.

The defensible conclusion is narrower: the reported sale was large in token quantity, the hourly analysis described a short-lived price decline and recovery, and daily market data shows that SHIB continued to fluctuate afterward. The available evidence does not isolate the sale as the sole cause of the market's price movements.

## What Binance Said in Its November 3 Security Update
The SHIB transactions followed a security incident that Binance said occurred on October 29, 2026. In its November 3 initial findings and response update, Binance described a serious security breach involving its wallet systems and said approximately $6.34 billion in digital assets were impacted.

Binance said approximately $2.85 billion in assets had been frozen or intercepted as of the update, subject to reconciliation and market-price volatility. The exchange also said that, as of October 31, 98% of the impacted token assets had been replenished and could be checked through its Proof of Reserves page.

The November 3 statement outlined several security changes. Binance said it had rebuilt the affected wallet system in a new environment, rebuilt an internal AI tool and strengthened its access controls, replaced affected devices, deactivated credentials and tokens associated with affected engineers, and strengthened wallet-service risk controls and behavioural anomaly detection.

The exchange also described its work with law enforcement, blockchain intelligence firms and industry partners to trace and freeze assets. It said that the investigation remained ongoing and that independent cybersecurity firms would be engaged to review the incident.

The update included a technical account of the attack path. Binance described malicious EIP-7702 authorizations and said that the final unauthorized transfer, totalling 2,961.9 ETH, was confirmed on-chain at 23:56 UTC on October 29. It said the transaction had been broadcast earlier and remained pending before confirmation. Binance then reported executing a new authorization to the zero address at 00:10 UTC on October 30 to remove the delegation code.

Binance also said the latest information released by the FBI indicated that North Korea was responsible for the incident. This is an attribution relayed by Binance from the FBI's information, not a statement that Binance had independently established the identity of the person or group controlling the SHIB-selling address.

Crucially, Binance's November 3 update did not name the SHIB wallet or confirm that the 13 swaps were executed by the person responsible for the original breach. The wallet's association with the incident comes from blockchain labels and independent tracing reports. That distinction should remain explicit.

## Did the SHIB Sale Create Significant Market Pressure?
The reported 499.93 billion SHIB sale was substantial in absolute token quantity, but its market impact cannot be assessed from the token count alone. The relevant variables include the circulating supply, available liquidity in the two pools, the execution prices, the size of trading activity across venues and the pace at which arbitrage participants respond.

The reported $1.96 million equivalent in proceeds provides one measure of the transaction's scale. However, comparing that figure with a daily trading-volume number does not reveal exactly how much market impact the swaps created. Trading volume includes repeated transactions, can vary widely by exchange and may include activity that does not represent new demand.

The reported discount between the average sale value and the broader market quote suggests that execution through the pools involved a cost relative to the reference price. That is evidence of a difference between realised conversion value and the market quote used for comparison. It is not a precise measurement of the sale's total market-wide price impact.

The market's subsequent behaviour also needs to be treated cautiously. A recovery several hours after the sale does not prove that selling pressure has ended. It only indicates that the price later traded above the level observed during the reported decline. Other holders, market makers and broader market movements can continue to influence SHIB after the identified wallet has completed its swaps.

The wallet's reported zero SHIB balance after the final outgoing transaction reduces the immediate overhang from that specific address. It does not establish that all assets connected to the security incident have been liquidated, recovered or rendered harmless. The broader incident involved many other tokens and addresses.

## What the Transactions Mean for SHIB Holders
For Shiba Inu holders, the transactions show how a large token position can be converted through decentralized liquidity pools without relying on a centralized exchange order book. The route also illustrates why a large sale does not necessarily translate into an equal-sized market-wide price decline at the moment it occurs.

The reported sale was split between two pools and generated approximately 873 ETH. The average conversion value was reportedly below the contemporaneous market quote, consistent with the potential execution cost of selling a large amount into available liquidity.

But the price response cannot be reduced to a simple claim that SHIB absorbed the sale without consequences. The hourly price movement, daily volatility and wider market conditions all matter. A recovery after the sale is not evidence that no further selling pressure exists, and the absence of SHIB in one identified wallet does not resolve the wider Binance investigation.

The most important distinction is between what the public record can establish and what remains attribution. Ethereum records can show token transfers, swap destinations and amounts received. Analytics providers can connect addresses through transaction patterns and labels. Binance can confirm its own security incident and remediation actions. None of those facts alone establishes the real-world identity or intent of the person who controlled every wallet involved.

For now, the reported 499.93 billion SHIB liquidation is a significant on-chain event tied by independent investigators to the Binance security incident. Its market effect appears to have been absorbed over a relatively short period in the cited hourly analysis, but the evidence does not prove that SHIB's selling pressure has ended or that the sale was responsible for the token's broader price direction.

## Evidence Limitations
The reported SHIB liquidation combines directly observable Ethereum token movements, independent wallet attribution, third-party transaction reconstruction, estimated ETH proceeds and market-price comparisons. These categories of evidence have different levels of certainty and must not be treated as equivalent.

### Confirmed Facts
The Ethereum address identified in the reporting as Binance Hot Wallet Exploiter 2 is 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c. Etherscan displays an exploiter-related label for the address.

Binance confirmed that it experienced a security incident on October 29, 2026. Its November 3 update described the incident, its response, the affected systems and the continuing investigation.

Lookonchain reported on November 1 that 499,926,072,560 SHIB had been exchanged for 873 ETH, valued at approximately $1,960,615 at the time.

CryptoTicker published a transaction reconstruction on November 3 reporting 13 outgoing swaps over approximately eight minutes, with 300.53 billion SHIB routed through a ShibaSwap pool and 199.40 billion through a Uniswap V3 pool.

### Source Attribution and Methodology
The 499,926,072,560 SHIB and 873 ETH figures are attributed to Lookonchain's analysis, as reported by U.Today.

The 13-transaction count, eight-minute interval and distribution between ShibaSwap and Uniswap are attributed to CryptoTicker's November 3 reconstruction of Ethereum transactions and pool balances.

The wallet's association with the Binance incident is based on Etherscan's label and independent blockchain analysis. Binance's November 3 statement does not specifically confirm the ownership of the wallet involved in these swaps.

The approximate $1.96 million valuation is time-dependent. ETH and SHIB market prices fluctuate, and the on-chain record does not contain a fixed USD valuation for the swap proceeds.

### Unverified Claims and Estimates
The exact 1.5% hourly SHIB price decline and subsequent recovery are reported by CryptoTicker based on CoinGecko hourly data. MemeBlock has not independently reproduced the underlying hourly candles for this article.

The reported 14% to 15% discount between the average conversion value and the market reference price is a comparison using estimated dollar proceeds and a quoted SHIB price. It is not a direct measurement of the execution price of every individual swap.

The explanation that arbitrage traders distributed the additional SHIB across other exchanges is a market-mechanics interpretation. The available reporting does not trace every token from the two pools through all subsequent addresses and venues.

### Unknown Information
The reviewed sources do not establish the real-world identity of the person or group controlling the selling wallet.

They do not establish whether the wallet operator personally selected the two pools, used automated trading software or acted through another intermediary.

The available reporting does not provide a complete independently reproduced list of all 13 transaction hashes and every pool-level execution detail within this article.

The reviewed market data does not isolate the exact contribution of the SHIB sale to the token's hourly price movement relative to broader market conditions, other trades or liquidity changes.

The sources do not establish whether the proceeds were subsequently moved, consolidated, frozen or converted into other assets specifically after the SHIB swaps.

### On-Chain Observations Versus Identity and Intent
A blockchain address and its transactions can be observed publicly. A label such as Binance Hot Wallet Exploiter 2 is an attribution applied by a block explorer or analytics provider; it is not itself proof of a person's identity.

The reported transfers show SHIB moving from the identified address to decentralized exchange pool contracts. The reported swaps show the corresponding conversion into ETH. These observations do not independently establish who controlled the address, whether the same person controlled every related address or the operator's motives for choosing the routes and timing.

Binance's incident statement and the wallet attribution are separate evidence streams. The exchange confirmed its incident, but did not specifically confirm that the SHIB-selling address was controlled by the attacker.

### Conclusions the Available Evidence Cannot Support
The 499.93 billion SHIB sale cannot be presented as an officially confirmed Binance statement about the attacker's identity or wallet ownership.

The reported hourly recovery cannot establish that the sale had no market impact, that all selling pressure has ended or that SHIB is protected from future volatility.

The daily price movements cannot prove that the sale caused the full decline or recovery. SHIB was already volatile, and several market factors can affect its price at the same time.

The reported $1.96 million proceeds cannot be interpreted as the total value of all assets connected to the Binance incident. It represents the reported value of this SHIB conversion only.

### Editorial Conclusion
The available evidence supports a reported sale of 499,926,072,560 SHIB through two Ethereum decentralized exchange pools on October 30, 2026. Lookonchain attributed approximately 873 ETH, worth around $1.96 million at the time, to the conversion, while CryptoTicker's November 3 transaction reconstruction reported 13 swaps completed over approximately eight minutes. Binance's November 3 update confirms the broader security incident but does not specifically confirm the identity of the wallet operator. The price data suggests a short-term decline and recovery in the cited hourly analysis, but it does not prove that this sale alone drove SHIB's market movement or that future selling pressure has ended.

Sources & further reading 
- [https://www.binance.bh/en/blog/community/3229153443759566763](https://www.binance.bh/en/blog/community/3229153443759566763)

- [https://www.binance.com/en-IN/support/announcement/detail/d3306d9dca5243548c813b605e1d1751](https://www.binance.com/en-IN/support/announcement/detail/d3306d9dca5243548c813b605e1d1751)

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