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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
11/07/2026

Elliptic Tracks $124M in Bitcoin Conversions After Binance Theft

What happened: Elliptic said attackers behind the October 29 Binance exploit converted approximately $124 million of stolen altcoins into roughly 1,650 BTC, adding to the $1.

Elliptic Tracks $124M in Bitcoin Conversions After Binance Theft

What happened: Elliptic said attackers behind the October 29 Binance exploit converted approximately $124 million of stolen altcoins into roughly 1,650 BTC, adding to the $1.48 billion in Bitcoin originally stolen. The conversions included about $50 million in XRP, routed through THORChain primarily into Bitcoin, while nearly all of the approximately $87 million in stolen SOL had been mixed, swapped or bridged. Its accounting placed $2.85 billion frozen, $3.11 billion still in attacker addresses and approximately $470 million unaccounted for; Binance was also planning phased withdrawal reopenings across additional assets and networks.

Why it matters: Elliptic’s assessment that only a negligible amount had reached fiat separates extensive on-chain movement from successful cash extraction, while the frozen balance shows why recovery efforts remain consequential after the initial theft. Its tracing covered more than 20,000 wallets, 16 blockchains, over 65,000 transactions and more than 36 services, yet the firm explicitly distinguished automated laundering from evidence of an AI agent making decisions. Binance’s reported replenishment of stolen assets limits the immediate customer asset shortfall, but withdrawal restoration and the disposition of funds remain separate operational questions.

Source: The Block