Reporting · technology
Elliptic traces $124 million in stolen Binance assets converted to Bitcoin
Elliptic's November 6 update says roughly $124 million in assets stolen in an October Binance breach has been converted largely into Bitcoin.
Quick take
- NewsBTC reported that Elliptic traced about $124 million in Binance funds taken in an October breach into Bitcoin.
- Roughly $2.85 billion was frozen at the latest checkpoint, while about $3.11 billion remained in linked addresses.
- The totals reflect tracing and prices at the time of the update.
NewsBTC reported that Elliptic published an update dated November 6 tracing roughly $124 million in Binance assets that were stolen in October. According to the update, the stolen funds, which were originally held as XRP and SOL, have been converted to Bitcoin. Elliptic attributes the October Binance breach to North Korean-linked actors.
The activity covers tens of thousands of wallets across multiple networks, the update says. Roughly $50 million of XRP moved largely toward Bitcoin, and stolen Solana tokens were swapped, bridged or mixed. According to the update, about 1,650 BTC now sits in new addresses created after the conversion.
Elliptic says only a negligible portion of the funds has been cashed out. Approximately $2.85 billion was frozen at the latest checkpoint, and about $3.11 billion remained in linked addresses. Elliptic notes that its figures are subject to revision as tracing and pricing are refined. The update's totals rest on tracing and price data available at the time of publication.
A separate security incident has been described by Chainalysis as unrelated to this case.
Sources
Machine-written from the publishers’ reports and checked against them · How Dextape writes
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