Binance hack perpetrators convert stolen XRP and other altcoins into bitcoin
Blockchain‑analytics firm Elliptic said hackers linked to the October Binance breach have swapped roughly 42 million XRP – about $50 million – into bitcoin, mainly via THORChain. About 192 million XRP, worth an estimated $226 million, remains unswapped. By the latest update the thieves have converted roughly $124 million of the stolen assets into about 1,650 BTC, and a later report put the total altcoin conversion at $175 million into roughly 2,300 BTC. Binance has frozen or intercepted about $2.85 billion and about $3.11 billion still sits in wallets tied to the theft.
Why it matters
The conversion of large XRP and other altcoin holdings into bitcoin moves the stolen value closer to a liquid, hard‑to‑freeze asset, raising the risk of eventual cash‑out. The remaining frozen $2.85 billion may be recovered, but the $3.11 billion still in linked addresses could later be turned into spendable bitcoin, affecting market supply.
Key facts
- 1Hackers swapped about 42 million XRP, roughly $50 million, mostly through THORChain. bitcoinmagazine.com
- 2Approximately 192 million XRP, valued at about $226 million, remained unswapped in addresses linked to the theft. bitcoinmagazine.com
- 3Elliptic tracked roughly $124 million of stolen assets converted into bitcoin, about 1,650 BTC. bitcoinmagazine.com
- 4Binance has frozen or intercepted about $2.85 billion of the stolen assets. bitcoinmagazine.com
- 5Around $3.11 billion of the stolen assets remain in wallets linked to the breach. bitcoinmagazine.com
- 6Later Elliptic data reported $175 million of altcoins converted into roughly 2,300 BTC. finance.biggo.com
Open questions
- Conversion amount differs: $124 million (1,650 BTC) reported in material 1 versus $175 million (2,300 BTC) in material 3.
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.