Binance Hacker Converts $50 Million in XRP Into Bitcoin…
By Abdelaziz Fathi
AI summary of the source article
The hacker behind the Binance theft has converted approximately $50 million worth of stolen XRP into Bitcoin, primarily using THORChain. Around $226 million in XRP and over $3 billion in total assets remain unrecovered.
Why it matters
The conversion into Bitcoin makes issuer-led freezes more difficult, but the funds remain traceable until they reach exchanges, OTC brokers or other cash-out channels.
Key facts
- Approximately 42 million XRP worth about $50 million was swapped mostly into Bitcoin via THORChain.
- Around 192 million XRP, valued at roughly $226 million, remains in addresses linked to the attacker.
- Elliptic reports approximately $2.85 billion has been frozen or seized, while about $3.11 billion remains in theft-linked addresses.
Source excerpt · FinanceFeeds
Binance Hacker Routes $50M in XRP Into Bitcoin via THORChain The attacker behind Binance's $6.43 billion cryptocurrency theft has begun converting stolen XRP into Bitcoin, moving approximately $50 million worth of the token through cross-chain infrastructure, primarily THORChain, according to blockchain analytics firm Elliptic. Elliptic's November 6 investigation update found that approximately 42…