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

Brief

By Dextape Desk · November 8, 2026

Blockchain intelligence firm Elliptic, in an update dated November 6, reported that roughly $124 million taken in the Binance hack in October had been swapped into Bitcoin. Part of it began as XRP and Solana. Elliptic's analysts counted about 1,650 BTC sitting in fresh addresses after those conversions, and the firm said close to $50 million in XRP had started to shift, mostly toward Bitcoin, while stolen Solana was swapped, bridged or mixed. The movements span tens of thousands of wallets and several networks. Elliptic also put frozen assets near $2.85 billion and said about $3.11 billion stayed in linked addresses, with only a negligible share apparently cashed out. Elliptic called the probe ongoing, saying figures can shift and public chain data cannot alone reveal every wallet controller.

Why it matters: It shows converted crypto can keep moving across chains, so tracing and compliance screening remain central to following illicit funds.

Mentioned: Bitcoin, Solana, XRP, Binance

Summary by Dextape, based on reporting by NewsBTC. Machine-written from NewsBTC’s report and checked against it · How Dextape writes