Elliptic reports Binance hack attackers swapped $175 million for 2,300 BTC

Blockchain analytics firm Elliptic reported that individuals behind the Binance hack converted approximately $175 million worth of stolen altcoins into about 2,300 BTC. Elliptic said these conversions stemmed from assets obtained in the October 29 breach of the exchange. The incident led to extensive asset movement across multiple blockchains as the attackers employed a range of services to obscure the trail of funds. Elliptic’s research indicated a heavily automated laundering process. Tom Robinson, Elliptic co-founder and chief scientist, calculated the use of more than 20,000 wallets over 16 different blockchains. The operation involved at least 36 services and approximately 65,000 transactions. According to the report, activity proceeded at an average rate of one new wallet every 30 seconds and one transaction every 10 seconds.

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