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Former FTX community partner Benson Sun said stolen Bitcoin from the Binance hack is likely to face limited near-term selling pressure.
In a post on X, Sun said about $2.5 billion of the assets stolen in the hack had been frozen, or roughly half of the total losses. The rest was mostly in BTC and ETH, he said. Although the stolen BTC was worth more than $1 billion, cashing it out would not be easy amid monitoring by major exchanges and on-chain analytics firms, according to Sun. Based on past large-scale hacks, laundering the funds and disposing of them through over-the-counter trading could take years, Sun said. Sun added Binance could instead create buying pressure if it repurchases BTC after compensating users through its SAFU fund. ETH, however, could face greater selling pressure because laundering it through services such as Tornado Cash is relatively easier, he said.