Binance Hackers Swap Stolen Solana for Bitcoin as Laundering Routes Expand Beyond Tron
Summary
- Stolen cryptocurrency from Binance, including Solana (SOL), is being converted into Bitcoin (BTC), with laundering routes expanding from Tron to Solana and other networks.
- The report said hackers are still estimated to control about $3.5 billion even after Tether, Circle and others froze assets worth roughly $3 billion.
- After some of the stolen funds flowed to centralized exchange Gate, the exchange said it froze related accounts and would cooperate with investigators, while the U.S. FBI identified North Korean hacking group TraderTraitor as being behind the attack.
Forecast Trend Report by Period
Some of the cryptocurrency stolen from Binance has started to be converted from Solana into Bitcoin, suggesting laundering routes once centered on Tron are expanding to other networks, including Solana.
Cointelegraph reported on November 2 that blockchain analytics firm Lookonchain said hackers moved 486,970 SOL worth about $46.97 million and are swapping the tokens into Bitcoin through Relay.
The funds are part of the stolen assets that remained unfrozen after the Binance hack. Tether and Circle froze roughly $3 billion in assets shortly after the incident. On-chain analyst SomaXBT estimated the hackers still control about $3.5 billion.
Chainalysis said most of the temporary wallets used for laundering on Tron have been emptied, with transfers through Solana increasing afterward. It said the roughly $500 million in transactions seen on Tron includes cases in which the same funds were repeatedly moved across multiple wallets, meaning the actual outflow may have been smaller.
Some of the stolen funds also flowed to centralized exchange Gate. According to Lookonchain, about $250,000 was transferred to Gate. The exchange said it froze two related accounts and would cooperate with investigators.
The FBI identified North Korean hacking group TraderTraitor as being behind the Binance hack and disclosed related wallet addresses. U.S. authorities asked exchanges and decentralized finance services to block transactions tied to those addresses.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.