Elliptic: about $124 million of Binance hack funds converted into Bitcoin
Per Elliptic's November 6 update, roughly $124 million of assets stolen from Binance has been converted into BTC. Much of the original funds remains frozen or in linked addresses.
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what happened
According to blockchain analytics firm Elliptic, whose update was published on November 6, about $124 million of assets stolen in the October Binance breach has been converted into Bitcoin, including funds originally held as XRP and SOL. The information was reported by NewsBTC.
Elliptic estimates that around 1,650 BTC sits in new addresses after the conversions. Roughly $50 million of XRP has started moving mostly toward Bitcoin, while stolen Solana tokens were swapped, bridged or mixed. The firm stresses that the picture is changing quickly and its figures may be revised.
At its latest checkpoint, about $2.85 billion had been frozen and roughly $3.11 billion remained in addresses tied to the theft. Elliptic said only a negligible share of the funds appeared to have been cashed out.
why it matters
The event has little direct market impact on its own, since converting funds into Bitcoin does not mean they have been spent. Criminals can hold large BTC and ETH balances for long periods, so exchanges and compliance services need to keep monitoring the linked wallets.
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sources
- Elliptic Traces $124M in Bitcoin Swaps From Binance Hack Funds — newsbtc.com, 8 November 2026 at 04:00 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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