The attributed attacker is converting UNI into ETH
A wallet attributed to the Binance exploiter is reportedly selling UNI for ETH through Uniswap.
According to Andy’s on-chain update, 3.86 million UNI has been sold in 23 transactions out of 7.02 million UNI moved to a single wallet.
The wallet now reportedly holds 10,002 ETH, valued at about $22.8 million, and still has 3.16 million UNI available to sell.
Why the swaps matter
Converting a stolen or compromised token balance into a native asset can make recovery harder. UNI is an issuer token, but it does not have the same wallet-blacklisting mechanism used by centrally issued stablecoins such as USDT or USDC. ETH also cannot be frozen by an issuer at the protocol level.
Using Uniswap allows the seller to execute on-chain swaps without sending the assets directly to a centralized exchange account that could immediately be frozen.
The remaining market risk
The reported sales leave 3.16 million UNI in the wallet. If that balance is sold rapidly, the execution could create additional price pressure and slippage across the affected liquidity pools.
The 23 transactions also suggest the seller is splitting execution across multiple swaps and Uniswap routes rather than using one transaction.
What remains attributed
Signal21 has not received a complete reproducible address and transaction list with this update. The figures are therefore attributed to Andy’s on-chain reporting until the wallet set can be independently reconciled.
Binance has acknowledged a potential security issue but has not yet published the affected-wallet inventory or confirmed that this UNI-selling wallet is controlled by the attacker.
The current reported state is: 3.86 million UNI sold, 10,002 ETH accumulated, and 3.16 million UNI remaining.
This is a developing story. Values and remaining balances can change with every new transaction.