Binance Hacker Keeps Converting Stolen Solana Into Bitcoin Through Multiple Wallets
Summary
- It said wallets linked to the Binance hack continue to move funds as Solana (SOL) is converted into Bitcoin (BTC).
- The suspected hacker has been splitting its Solana holdings across multiple wallets, then continuing to convert them into Bitcoin through USDC and Ether (ETH).
- Lookonchain said it continues to observe those transactions in wallets tied to the hack, but did not disclose the size of the fund transfers or the final Bitcoin holdings.
Forecast Trend Report by Period
Funds linked to the Binance hack continue to move as stolen Solana is converted into Bitcoin, on-chain data show.
On Nov. 3, blockchain analytics firm Lookonchain said the entity identified as the Binance hacker had been dispersing its Solana holdings across multiple wallets and continuing to swap them into Bitcoin.
The transfers have taken place in several stages. The actor first splits the Solana among multiple wallets, then sells the tokens for the stablecoin USD Coin, or USDC.
The USDC is then bridged to the Ethereum network and exchanged for Ether.
In the final step, the actor appears to have used cross-chain liquidity protocol THORChain to convert the Ether into Bitcoin.
Lookonchain said it continues to observe those transactions in wallets tied to the hack. The post did not disclose the size of the transfers or the final Bitcoin holdings.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.