By cryptoadmin A little-known token launched in 2017 crashed more than 90% early Friday after the Binance hacker dumped it into a market too “thin” to absorb the selling.
FUNToken ($FUN), formerly known as FunFair, plunged more than 90% on the Uniswap pool where the hacker was selling. It fell from about 0.0000037 wrapped ether (WETH) to 0.00000017 WETH, according to GeckoTerminal data.
Its dollar price saw a similar crash. Across all markets, $FUN is down 68% in 24 hours, CoinGecko data show. Uniswap is a decentralized exchange where people trade tokens directly against pooled funds rather than through a company's order book.
$FUN dates back to the 2017 crypto boom. Its developer, FunFair Technologies, raised $26 million in four hours in a token sale that July to build blockchain-based online casino games. The project now operates as FUNToken.
The crash in its market price can be attributed to the Binance attacker, who took more than $6 billion from the exchange's hot wallets, the internet-connected wallets exchanges use to handle withdrawals. That makes it the largest crypto hack on record.
The haul included major assets such as tether USDT$0.9983, USD Coin $USDC$0.9996, bitcoin BTC$77,963.00, ether $ETH$2,228.93, TRON TRX$0.3336 and solana (SOL), according to Arkham Intelligence. It also included smaller tokens such as $FUN, Prom (PROM), Reserve Rights (RSR), RedStone (RED), Origin Protocol (OGN) and Gitcoin (GTC), per an analysis by The Tie's Co-founder and CEO Joshua Frank.
Stablecoin issuers Tether and Circle moved quickly to freeze the stolen tokens they control, and several other issuers followed. FUNToken asked centralized exchanges to temporarily disable $FUN deposits as a precaution.
However, trading on decentralized exchanges such as Uniswap, however, cannot be halted, and the hacker used that opening.
Hacker liquidates $FUN
At 23:28 UTC on Thursday, a wallet that Etherscan labels "Binance Hot Wallet Exploiter 2" sent 714.9 million $FUN to a fresh address, 0x06ea…685f. Three minutes later, that address began selling into the $FUN/WETH liquidity pool on decentralized exchange Uniswap.
The address made over 150 sales over subsequent hours, with all but one into the $FUN/WETH pool on Uniswap v2. WETH is a tokenized version of ether. The other sale went through PancakeSwap, another decentralized exchange. The last sale landed at 04:17 UTC on Friday.
In all, the wallet sold 134.1 million $FUN for 111.5 $ETH, about $250,000, according to Etherscan data.
Related Assets Tether$0.990.036% $USDC$0.990.010% Bitcoin$77,963.002.50% 
Latest Crypto News
- 1 Bitcoin, ether and $XRP selloff wipes out $1.5 billion in leveraged crypto bets
- 2 $XRP Ledger developers tighten the rules for who can hold 'restricted' tokens
- 3 Binance hack bites India's largest crypto exchange as it curbs futures trading
- 4 Binance hacker splits $1.4 billion of bitcoin into 19 wallets that no one can freeze
- 5 $6 billion Binance hack sends bitcoin, ether tumbling; Standard Chartered expects more pain
- 6 Institutional crypto investors rush to pull funds from exchanges after Binance hack
- 7 Crypto's longtime foe, North Korea's Lazarus Group, likely behind Binance hack: blockchain sleuths
- 8 Binance hack drained wallets backing customer assets, reserve data shows
- 9 Binance loses over $6 billion in 'biggest crypto hack in history'
- 10 Polymarket suspends trading after third-party breach leads to user losses
Latest Research
The Future of Equity Ownership: An Issuer's Guide to Tokenized Equities
The Future of Equity Ownership: An Issuer's Guide to Tokenized Equities
Tokenized equities are coming with or without issuers. Issuer-sponsored models make the token the share itself, preserving control and full rights.
By CoinDesk Research Sep 29, 2026 Commissioned byBullish
Tokenized equities are coming with or without issuers. Issuer-sponsored models make the token the share itself, preserving control and full rights.
Why it matters:
Tokenized equities are coming with or without issuers. Issuer-sponsored models make the token the share itself, preserving control and full rights.
View Full Report More From Markets 
Bitcoin, ether and $XRP selloff wipes out $1.5 billion in leveraged crypto bets
Binance hack bites India's largest crypto exchange as it curbs futures trading
Binance hacker splits $1.4 billion of bitcoin into 19 wallets that no one can freeze
More From Tether
Bitcoin, ether and $XRP selloff wipes out $1.5 billion in leveraged crypto bets
$XRP Ledger developers tighten the rules for who can hold 'restricted' tokens