The Tron price fell about 7% to $0.308 on Saturday, 31 October, as traders worried that the hacker behind the $6.36 billion Binance theft would dump hundreds of millions of TRX tokens bought with stolen stablecoins.
Tron (TRX) traded at $0.308 at 17:50 London time, down 7.0% in 24 hours and 6.4% over seven days, according to CoinPaprika data. That gave it a market capitalisation of about $29.3 billion.
On OKX, TRX was down 9% from its level 24 hours earlier, while Kraken showed an intraday low of $0.3083, its weakest level of the week.
The token is now about 30% below its all-time high of $0.44, set in December 2024.
TRX is sliding as stolen-stablecoin swaps raise near-term sell pressure.
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The sell-off is the second half of an unusual round trip.
On 29 October, attackers drained about $6.36 billion from Binance hot wallets across ten blockchains, according to TRM Labs, which attributed the theft to North Korea’s TraderTraitor group.
On Tron alone, the attacker took 612.7 million USDT and 46.4 million TRX from a Binance hot wallet, TRM Labs said.
Because Tether can freeze USDT, the hacker rushed to swap it into TRX, which has no central issuer that can block transfers.
Blockchain data firm Bitquery said the attacker swapped 234 million USDT for TRX on decentralised exchange SunSwap, paying an average of $0.367 per token against a market price of about $0.33.
That burst of buying briefly lifted TRX to about $0.37 on Kraken late on 29 October.
The buying has now turned into an overhang.
Crypto Briefing, citing Whale Alert, reported that a wallet holding stolen funds moved 120 million TRX to an unknown address on 30 October.
Bitquery said 15 new wallets funded through the hacker’s Tron addresses sold 8.9 million TRX for $3.1 million of USDT early on 30 October, while the largest stash had not moved.
Traders are pricing in the risk of more selling. Tether has frozen 378.7 million USDT in two attacker wallets on Tron, according to TRM Labs, but the TRX itself cannot be frozen.
Analysts at Coinpaper flagged $0.32, $0.31 and $0.30 as support, with resistance at $0.33, $0.34 and $0.36.
With the price already below $0.31, the $0.30 area is the next test. That level is close to the token’s lowest point of the past year.
Next event: TRON Proposal 108, a smart-contract storage upgrade, is set to take effect on 2 November at 12:00 GMT if approved by the network’s super representatives.
Analyst targets: No major bank or broker publishes a formal TRX price target.
Tron’s fundamentals as a stablecoin network have not changed, but its price is now tied to what one wallet cluster does next.
Until the hacker’s TRX stash is sold or traced, sharp moves in either direction are likely.
Investors who want exposure can compare fees, security records and supported coins on our list of the best crypto exchanges.
For more on how the theft unfolded, read our report on Binance’s $6.3 billion hack.
Readers new to the market can start with our guide on how to buy cryptocurrency, or see our review of the best crypto signals.
