Elliptic says Binance hackers swapped stolen tokens for $124M in bitcoin, exchange plans more withdrawal reopenings
Elliptic reports that hackers swapped $124M in stolen tokens to bitcoin after Binance's $6.43B breach, with $3.11B still in linked addresses. Binance plans to reopen withdrawals for several tokens by the end of next week, according to the company. Elliptic estimates little of the stolen funds has been cashed out, with laundering efforts spanning 20,000 wallets and 16 blockchains.
How this was made
The 30-second read
Why it matters
The disclosed swap amounts and token-specific details provide fresh data on the scale of the laundering operation, which could affect market perception of the affected cryptocurrencies.
Market read
New quantitative insight into the laundering of stolen crypto may drive short‑term price pressure on bitcoin, XRP, SOL, and ETH.
What to watch
Potential regulatory crackdowns or exchange insurance payouts could offset negative sentiment.
Background
The article details new findings from blockchain analytics firm Elliptic about the ongoing laundering of assets stolen in the recent Binance hack.
Ticker impact
Elliptic reports $124M in stolen altcoins were swapped into bitcoin after the Binance breach.
likely pressure as the market prices in possible liquidation of the swapped bitcoin.
Large illicit bitcoin holdings are expected to be sold in small batches, creating downward pressure.
Around $50 million of stolen XRP was swapped through THORChain into bitcoin.
slight pressure from the loss of XRP to laundering operations.
The reported $50M swap reduces circulating XRP and may dampen short‑term sentiment.
Nearly all of the stolen Solana has already been mixed, swapped, or bridged into bitcoin.
potential downward pressure as the laundering process drains SOL supply.
The complete mixing of stolen SOL suggests a likely sell‑off once the funds are ready.
Market effects
Highlights ongoing security risks in crypto exchanges, potentially prompting tighter compliance across the sector.
May affect Asian crypto markets where many OTC brokers operate.
Large-scale laundering of stolen crypto could influence global crypto price dynamics.
Counterpoint
If the laundered funds are held for a prolonged period, price impact may be muted.
Key entities
- ExchangeBinance
Crypto exchange that suffered a $6.43B breach.
- Analytics FirmElliptic
Blockchain analysis company reporting the laundering details.
