Elliptic Traces $124M in Bitcoin Swaps From Binance Hack Funds

TL;DR: A November 6 update from blockchain intelligence firm Elliptic says roughly $124 million of assets stolen in the October Binance breach had been converted into Bitcoin, including funds originally held as XRP and SOL. Onchain tracing can reveal movement, but it cannot by itself identify every person controlling those wallets or prove that all the converted funds have been cashed out. The laundering trail from the huge October cryptocurrency theft attributed by investigators to North Korean-linked actors continues to evolve. In a November 6 update to its technical analysis , Elliptic said the value of stolen assets converted into Bitcoin had reached approximately $124 million.

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