Elliptic finds Binance hack funds: $124 million laundered into Bitcoin, $2.85 billion frozen

Blockchain analytics firm Elliptic reported that hackers behind the $6.43 billion crypto theft from Binance swapped $124 million in stolen altcoins for Bitcoin as the exchange carried out its phased reopening of withdrawals for customers. The transactions coincided with Binance beginning to restore withdrawal capability after the October 29 attack. Elliptic found that the hackers exchanged the stolen altcoins for approximately 1,650 BTC but clarified these swaps do not represent net withdrawals from the market, as the funds simply shifted from one cryptocurrency to another. This activity is distinct from the $1.48 billion component of the theft connected directly to the October exploit. Elliptic’s estimates show that $2.85 billion, or 44.3% of the stolen assets, have been frozen. Meanwhile, $3.11 billion—about 48.4%—are still held in wallets connected to the theft.

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