Analytics firms trace billions from massive Binance hack across thousands of wallets
Blockchain analytics firms Elliptic and Chainalysis report that perpetrators behind a multibillion-dollar Binance theft are routing funds across thousands of wallets and multiple blockchains, though billions remain unlaundered or frozen.
Blockchain intelligence firm Elliptic reported that $3.1 billion in cryptocurrency stolen in a massive Binance exploit has yet to be laundered, with the bulk of the stolen ether and bitcoin remaining unmoved. The laundering operation behind the hack—estimated by The Block at $6.4 billion and by Bloomberg at $6.3 billion—has spanned more than 20,000 wallets across 16 blockchains.[1][2][6]
According to Elliptic, the North Korea-linked attackers converted approximately $124 million into bitcoin but have likely cashed out only a small portion, while around $2.85 billion of the stolen assets remains frozen.[2]
Concurrently, analytics firm Chainalysis found that the perpetrators have routed portions of the stolen cryptocurrency into Chinese money-laundering networks while transferring funds across multiple chains, according to reporting by Bloomberg and cryptocurrency news outlets.[3][5][6][7]
Key facts
- Elliptic reported that $3.1 billion in cryptocurrency stolen from Binance has yet to be laundered, with the bulk of the stolen ETH and bitcoin remaining unmoved.
- The Binance hack involved an estimated $6.3 billion to $6.4 billion in stolen digital assets.
- The laundering activity has spanned more than 20,000 wallets across 16 different blockchains.
- Elliptic stated that around $2.85 billion of the stolen funds remains frozen.
- The North Korea-linked attackers converted roughly $124 million into bitcoin but likely cashed out only a small amount, according to Elliptic.
- Chainalysis reported that some stolen funds have already entered Chinese money-laundering networks.
Sources · 7 sources
- DE
DecryptArticle ·
$3.1B in Stolen Binance Crypto Has Yet to Be Laundered: Elliptic The attackers have used more than 20,000 wallets on 16 blockchains so far, but the bulk of the stolen ETH and Bitcoin hasn't moved.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: The laundering operation behind Binance's $6.4 billion hack has spanned more than 20,000 wallets and 16 blockchains, Elliptic says. The North Korea-linked attackers have converted about $124 million into bitcoin, but likely cashed out only a small amount. Around $2.85 billion remains frozen.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇨🇳 UPDATE: The $6.3B Binance hackers are bouncing stolen crypto through thousands of wallets and multiple chains, and Chainalysis says some of it has already hit Chinese laundering networks. https://t.co/5N5f6EkATr
Open source - DE
Decrypt@DecryptMediaPost on X ·
$3.1B in Stolen Binance Crypto Has Yet to Be Laundered: Elliptic https://t.co/iYrgOix740
Open source - SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Binance hacker moves stolen funds through Chinese money laundering networks | Per Bloomberg
Open source - BL
Bloomberg@businessPost on X ·
Hackers behind the $6.3 billion theft from Binance are moving some of the stolen cryptocurrency through Chinese money-laundering networks, according to the blockchain analytics firm Chainalysis https://t.co/zune05NMFe
Open source - CN
crypto.news@cryptodotnewsPost on X ·
LATEST: Binance hackers are routing stolen funds through Chinese networks Chainalysis says the attackers are moving funds across multiple blockchains, with some of the stolen crypto already reaching Chinese money-laundering networks. https://t.co/oWpBL4B3Kq
Open source