Binance hacker’s XRP stockpile rapidly crashes driven by Bitcoin swaps
Summary
Elliptic estimated that XRP stolen in Binance’s Oct. 29 hack had fallen to about 60 million tokens by Nov. 10, after roughly 35 million more were routed through THORChain, mostly into Bitcoin. The conversions reduced the attacker’s XRP holdings but do not show that the funds were cashed out; Elliptic said little of the wider operation appeared to have left public blockchains. THORChain repeatedly halted XRP swaps and refunded some deposits, complicating estimates of completed conversions. A separate Bitint reconstruction put confirmed XRP conversions at no more than 93.85 million for its tracked deposits. The remaining balance and matched conversion payouts are key to measuring further movement.
