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AI summary of a third-party reportBearishNewsDesk

Binance hackers swap stolen Solana tokens for Bitcoin, Chainalysis says

Investigators say funds from the $6.3bn Binance theft are being converted from Solana into Bitcoin after Tron holding wallets were largely emptied, as US agencies urge platforms to block the transactions.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: Binance hackers swap stolen Solana tokens for Bitcoin, Chainalysis says
Image: Cointelegraph
Original reporting: Zoltan Vardai, Cointelegraph

Key points

  • Lookonchain reported the hackers moved 486,970 SOL, worth about $46.4m, and were swapping it for Bitcoin through Relay.
  • Chainalysis said most Tron holding wallets had been emptied, putting transfers there at about $500m, while SomaXBT said about $242m actually left them.
  • The FBI attributed Thursday's theft to North Korea's TraderTraitor hackers and, with the Secret Service and IRS Criminal Investigation, urged exchanges and DeFi services to block linked funds.

Hackers behind the Binance theft have started swapping stolen Solana tokens for Bitcoin, according to blockchain investigators cited by Cointelegraph. Lookonchain reported on 1 November that 486,970 SOL, worth about $46.4m, had been moved and was being converted through Relay.

SomaXBT disputed that figure, saying it counted repeated movements between wallets and that about $242m actually left the holding wallets. Chainalysis said on 30 October the hackers may be using automation to hide the trail, citing thousands of transactions in a short period.

Tether and Circle froze about $3bn in stolen assets, while SomaXBT estimated the attackers still controlled about $3.5bn.

Some funds reached the exchange Gate, which said it froze two linked accounts after Lookonchain reported a deposit of about $250,000.

What to watch: US authorities are asking exchanges, THORChain node operators and DeFi services to block transactions linked to the wallet addresses the FBI published.

Read the full story on Cointelegraph

Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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