Etherscan labeled wallet sells FUNToken on Uniswap, token crashes 90%+
Business
A wallet that Etherscan labels "Binance Hot Wallet Exploiter 2" just rocked the crypto world by dumping millions of FUNToken (FUN) on Uniswap.
The fresh address sold 134.1 million FUN for 111.5 ETH, about $250,000 in the FUN/WETH pool, which sent the token's price crashing by more than 90% over subsequent hours.
FUNToken loses 68%, hacker holds 580.8 million
FUNToken, originally made for blockchain casino games, lost 68% of its market value in a single day.
The hacker still holds 580.8 million FUN, so there's worry about more damage if they sell again.
While big names like bitcoin barely flinched, this shows how low-volume tokens can be hit hard and fast, putting both exchanges and investors on high alert.