On-chain tracking shows that the attacker behind Binance's $6.3 billion security breach sold 217.5 million ENA tokens for $33.93 million on Thursday, according to a report by COINOTAG published on October 30, 2026. The disposal occurred as Ethena's governance token was already pinned inside a descending channel on its four-hour chart, and the structure took a harder blow as the sale was recorded on-chain.

The token movement was identified through on-chain tracking, a method that relies on the public nature of blockchain ledgers to follow transfers between wallet addresses. Analytics services and monitoring teams routinely use such data to trace funds connected to exchange security incidents, and because these records are public and permanent, incident-linked transfers can be separated from routine market activity. Monitoring of affected addresses typically continues after an initial disposal, so any further movements from the same wallets would likewise be observable on public ledgers.

A descending channel is a technical analysis pattern formed by two parallel, downward-sloping trendlines that contain a series of lower highs and lower lows. It is commonly read as an indication of sustained downward pressure on price. In this instance, the large disposal arrived while ENA was trading within that structure, extending the pattern highlighted in the report. Sales of this scale tend to draw close scrutiny from market observers because they place a measurable quantity of token supply into the market at a specific point in time, alongside the prevailing chart structure.

ENA is the governance token of Ethena, the protocol behind the USDe synthetic dollar. The token has traded publicly since its debut in 2024 and is used by holders to participate in the protocol's governance. For a governance asset, the movement of large token batches is often reviewed alongside data on holder distribution.

The source report identifies the seller as the attacker responsible for a security breach at Binance valued at $6.3 billion. Binance is one of the world's largest cryptocurrency exchanges by trading volume. Further specifics of the breach were not detailed in the article. Incidents at major trading venues are tracked closely in part because assets taken in a breach can later surface in open markets, linking exchange-level security events to activity in individual tokens such as ENA.

This content was first published on COINOTAG: https://en.coinotag.com/binance-hacker-ena-sale-descending-channel