According to a November 6 update from Elliptic, approximately $124 million in assets stolen during the October Binance hack had been converted into Bitcoin. The firm identified nearly 1,650 BTC held in new addresses after the conversion of roughly $50 million in XRP and the movement of Solana tokens across multiple networks. Of the stolen assets, an estimated $3.11 billion remained in addresses linked to the theft, while about $2.85 billion had been frozen. Elliptic said only a negligible portion appeared to have been cashed out, but noted that tracing had not yet identified every holder of the funds. Cross-chain transfers, pools and intermediaries complicate tracking and determining the assets’ final destination.
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