Binance has begun buying back tokens lost in its $6.3 billion hack, while wallets associated with Ethena transferred 128.63 million ENA—worth roughly $24 million—into a Binance deposit address on October 31. Blockchain trackers flagged the activity and said Binance is sourcing the assets through both market channels and OTC transactions.
On-chain records show the ENA originated from an address labeled “Ethena: Coinbase Prime Custody” and moved in multiple batches. The sequence aligns with an earlier assessment that 217.5 million ENA was stolen from Binance on October 29, suggesting the exchange is replenishing inventory tied to that loss.
Why is Binance buying back stolen tokens now?
Binance is repurchasing assets to restore balances impacted by the $6.3 billion hack, using open market purchases and OTC deals, according to blockchain trackers. The goal is to replace specific tokens siphoned from the platform, with recent on-chain flows indicating active sourcing and receipt into Binance-controlled deposit addresses.
The approach appears designed to minimize market disruption while addressing asset shortfalls tied to the exploit. By balancing exchange-based buys with private block trades, the exchange can acquire size without telegraphing persistent order flow. The observed transfers provide direct evidence that repurchases are underway and reaching Binance wallets.
Event | Date | Amount | Notes |
|---|
ENA stolen from Binance | Oct. 29 | 217.5 million ENA | Figure cited by on-chain analyst EmberCN |
Ethena ENA moved to Binance | Oct. 31 | 128.63 million ENA | Approx. $24 million in aggregate |
Transfer batch size | Oct. 31 | ~25.25 million ENA | Multiple tranches from custody-labeled address |
What do Ethena’s ENA transfers show?
The 128.63 million ENA sent to Binance over roughly eight hours indicate organized sourcing in sizable clips—roughly 25.25 million ENA per tranche—from an address labeled “Ethena: Coinbase Prime Custody.” All batches ultimately landed in a Binance deposit address, underscoring coordinated settlement consistent with OTC execution or prearranged sales.
Arkham Intelligence data links the origin wallet labeling and the destination routing. The aggregate sizing matches a meaningful portion of the 217.5 million ENA identified as stolen on October 29, reinforcing the view that the exchange is replacing discrete token balances rather than relying solely on broad-based market buying.
What should investors watch next?
Investors should monitor additional ENA inflows to Binance and other on-chain settlement that narrows the gap with the 217.5 million ENA taken on October 29. Continued batches near ~25.25 million ENA would signal ongoing sourcing cadence, while any slowdown or shift in transfer patterns could imply repurchase completion or a change in acquisition strategy.
Further tracker updates may clarify how much of the ENA shortfall has been covered and whether similar buybacks extend to other affected tokens. The timing and pace of subsequent transfers will be key to assessing market impact and residual supply overhang from the incident.
Binance has not publicly detailed a full schedule for the repurchases. On-chain flows remain the most reliable indicator of progress as the exchange balances marketplace liquidity with the need to restore inventories following the $6.3 billion hack.
