Elliptic Traces $124M in Bitcoin Swaps From Binance Hack Funds
Elliptic’s November 6 update estimated that about $124 million in assets stolen in the October Binance breach had been converted into Bitcoin, including funds originally held as XRP and Solana. Analysts traced roughly 1,650 BTC across thousands of wallets and multiple networks. Elliptic said about $2.85 billion of the stolen assets had been frozen, while roughly $3.11 billion remained in linked addresses; only a negligible share appeared to have been cashed out. The figures are time-sensitive, and blockchain tracing cannot by itself establish who controls every wallet or prove final ownership. Cross-chain swaps and intermediaries complicate tracking, though public transaction data can help investigators follow funds. The report distinguishes the Binance theft from a separate Chainalysis systems incident.
