A CoinDesk report said the Binance hacker dumped FUN and several other smaller tokens into markets that were too thin to absorb heavy selling. The selling pressure sent prices sharply lower, with FUN, a little-known token dating back to 2017, crashing 90%. The report added that other small-cap tokens were also sold off. The move highlighted how limited market depth can amplify price swings when large amounts of tokens hit the market at once. In this case, the markets involved were described as too small to handle the size of the sales, leading to abrupt declines rather than orderly trading. CoinDesk identified the seller as the Binance hacker in its report.
CoinDesk reported that the Binance hacker dumped FUN and several other smaller tokens into markets that were too small to absorb large sell orders, sending prices sharply lower.
FUN, a little-known token from 2017, crashed 90%. The report also said other small-cap tokens were sold into the market.
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