Binance Hacker Suspected of Moving or Laundering $900 Million; $2.6 Billion Frozen

The attacker behind the Binance hack may have moved or laundered about $900 million of the stolen cryptocurrencies.

On-chain analytics firm Onchain Lens said on Nov. 10 that about $891.37 million of the $6.34 billion in assets believed to have been stolen in the Binance hack may have been moved out or used for money laundering.

The assets currently accessible to the attacker are estimated at about $2.85 billion. Another roughly $2.6 billion has been frozen. Together, those amounts put the remaining assets at about $5.45 billion.

Onchain Lens said the attacker has been actively moving funds over the past two to three days through cross-chain trading protocols THORChain and Chainflip. The protocols support asset swaps across different blockchains.

It also pointed to the possibility of another large transfer. Onchain Lens questioned whether the attacker could move as much as $1 billion before THORChain and Chainflip restrict transactions linked to the relevant wallets.

Still, it has not been confirmed whether all of the estimated $891.37 million that was moved has actually been laundered. On-chain transfer records alone make it difficult to determine the funds' final destination or whether laundering has been completed.

Any additional asset transfers by the attacker, as well as transaction restrictions imposed by the related protocols, could affect the ability to trace and recover the stolen funds.